Investing.com – The U.S. economy grew at a slower rate than initially estimated during the third quarter of 2011, 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 2.0% during the third quarter, down from a previous estimate of 2.5%.
Analysts had expected the second estimate of U.S. gross domestic product to remain unchanged at 2.5%.
The data primarily reflects a downward revision to personal consumption, which grew 2.3% compared to a previous estimate of 2.4%. Consumer spending typically accounts for nearly 70% of U.S. economic growth.
The report showed that the GDP price index held steady at 2.5%, unchanged from an initial forecast.
Following the release of the data, the U.S. dollar pared losses against the euro, with EUR/USD up 0.07% to trade at 1.3499.
Meanwhile, U.S. stock index futures extended losses. The Dow Jones Industrial Average futures indicated a decline of 0.4%, S&P 500 futures shed 0.45%, while the Nasdaq 100 futures signaled a 0.6% drop.
In a report, the Bureau of Economic Analysis said gross domestic product increased at a seasonally adjusted annual rate of 2.0% during the third quarter, down from a previous estimate of 2.5%.
Analysts had expected the second estimate of U.S. gross domestic product to remain unchanged at 2.5%.
The data primarily reflects a downward revision to personal consumption, which grew 2.3% compared to a previous estimate of 2.4%. Consumer spending typically accounts for nearly 70% of U.S. economic growth.
The report showed that the GDP price index held steady at 2.5%, unchanged from an initial forecast.
Following the release of the data, the U.S. dollar pared losses against the euro, with EUR/USD up 0.07% to trade at 1.3499.
Meanwhile, U.S. stock index futures extended losses. The Dow Jones Industrial Average futures indicated a decline of 0.4%, S&P 500 futures shed 0.45%, while the Nasdaq 100 futures signaled a 0.6% drop.