Investing.com – The U.S. economy grew at a slower rate than initially estimated during the third quarter, underlining fears over the strength of the U.S. economic recovery, official data showed on Thursday.
In a report, the Bureau of Economic Analysis said gross domestic product increased at a seasonally adjusted annual rate of 1.8% during the third quarter, down from a previous estimate of 2.0%.
Analysts had expected the second estimate of U.S. gross domestic product to remain unchanged at 2.0%.
The data primarily reflects a downward revision to personal consumption, which grew 1.6% compared to a previous estimate of 2.3%. Consumer spending typically accounts for nearly 70% of U.S. economic growth.
The report showed that the GDP price index rose by 2.6%, compared to a previous estimate of 2.5%.
Following the release of the data, the U.S. dollar turned higher against the euro, with EUR/USD easing down 0.07% to trade at 1.3038.
Meanwhile, U.S. stock index futures trimmed gains. The Dow Jones Industrial Average futures indicated a rise of 0.25%, S&P 500 futures added 0.4%, while the Nasdaq 100 futures signaled a 0.2% gain.
In a report, the Bureau of Economic Analysis said gross domestic product increased at a seasonally adjusted annual rate of 1.8% during the third quarter, down from a previous estimate of 2.0%.
Analysts had expected the second estimate of U.S. gross domestic product to remain unchanged at 2.0%.
The data primarily reflects a downward revision to personal consumption, which grew 1.6% compared to a previous estimate of 2.3%. Consumer spending typically accounts for nearly 70% of U.S. economic growth.
The report showed that the GDP price index rose by 2.6%, compared to a previous estimate of 2.5%.
Following the release of the data, the U.S. dollar turned higher against the euro, with EUR/USD easing down 0.07% to trade at 1.3038.
Meanwhile, U.S. stock index futures trimmed gains. The Dow Jones Industrial Average futures indicated a rise of 0.25%, S&P 500 futures added 0.4%, while the Nasdaq 100 futures signaled a 0.2% gain.