Investing.com – The U.S. economy grew at a faster rate than earlier estimated during the third quarter of 2010, official preliminary data showed on Tuesday.
In a report, the Bureau of Economic Analysis said gross domestic product increased at a seasonally adjusted annual rate of 2.5% during the third quarter, up from an advanced estimate of 2.0%.
Analysts had expected the second estimate of U.S. gross domestic product to rise 2.4% in the third quarter.
The data primarily reflecting positive contributions from personal consumption expenditures, private inventory investment, nonresidential fixed investment, exports, and federal government spending that were partly offset by a negative contribution from residential fixed investment.
Following the release of the data, the U.S. dollar was up against the euro, with EUR/USD tumbling 0.88% to hit 1.3506.
Meanwhile, the outlook for U.S. equity markets was downbeat: Dow Jones Industrial Average futures indicated a drop of 0.82%, S&P 500 futures pointed to a decline of 0.96%, while the Nasdaq 100 futures were down 0.83%.
In a report, the Bureau of Economic Analysis said gross domestic product increased at a seasonally adjusted annual rate of 2.5% during the third quarter, up from an advanced estimate of 2.0%.
Analysts had expected the second estimate of U.S. gross domestic product to rise 2.4% in the third quarter.
The data primarily reflecting positive contributions from personal consumption expenditures, private inventory investment, nonresidential fixed investment, exports, and federal government spending that were partly offset by a negative contribution from residential fixed investment.
Following the release of the data, the U.S. dollar was up against the euro, with EUR/USD tumbling 0.88% to hit 1.3506.
Meanwhile, the outlook for U.S. equity markets was downbeat: Dow Jones Industrial Average futures indicated a drop of 0.82%, S&P 500 futures pointed to a decline of 0.96%, while the Nasdaq 100 futures were down 0.83%.