Investing.com - The U.S. economy grew at a faster rate than initially estimated during the third quarter of 2012, as personal consumption figures were revised higher, 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 3.1% in the three months to September, up from a preliminary estimate of 2.7% and above expectations for growth of 2.8%.
The data showed personal consumption grew 1.6% in the third quarter, compared to a previous estimate of 1.4%. Consumer spending typically accounts for nearly 70% of U.S. economic growth.
The GDP price index rose by 2.7% in the third quarter, in line with expectations and down from 2.8% in the preceding quarter.
Following the release of the data, the U.S. dollar was lower against the euro, with EUR/USD adding 0.22% to trade at 1.3256.
Meanwhile, U.S. stock future indices were little changed. The Dow Jones Industrial Average futures pointed to a flat open, S&P 500 futures were little changed, while the Nasdaq 100 futures signaled a gain of 0.15%.
In a report, the Bureau of Economic Analysis said gross domestic product increased at a seasonally adjusted annual rate of 3.1% in the three months to September, up from a preliminary estimate of 2.7% and above expectations for growth of 2.8%.
The data showed personal consumption grew 1.6% in the third quarter, compared to a previous estimate of 1.4%. Consumer spending typically accounts for nearly 70% of U.S. economic growth.
The GDP price index rose by 2.7% in the third quarter, in line with expectations and down from 2.8% in the preceding quarter.
Following the release of the data, the U.S. dollar was lower against the euro, with EUR/USD adding 0.22% to trade at 1.3256.
Meanwhile, U.S. stock future indices were little changed. The Dow Jones Industrial Average futures pointed to a flat open, S&P 500 futures were little changed, while the Nasdaq 100 futures signaled a gain of 0.15%.