Investing.com - The U.S. economy grew at a faster rate than initially estimated during the third quarter of 2012, as export 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 2.7% in the three months to September, up from a preliminary estimate of 2.0%, but below expectations for growth of 2.8%.
The data showed personal consumption grew 1.4% in the third quarter, compared to a previous estimate of 2.0%. Consumer spending typically accounts for nearly 70% of U.S. economic growth.
The GDP price index rose by 2.8% in the third quarter, in line with expectations and down from 2.9% in the preceding quarter.
Following the release of the data, the U.S. dollar remained lower against the euro, with EUR/USD adding 0.35% to trade at 1.2999.
Meanwhile, U.S. stock index futures held on to gains. The Dow Jones Industrial Average futures pointed to a rise of 0.35% at the open, S&P 500 futures indicated a gain of 0.4%, while the Nasdaq 100 futures signaled a 0.5% advance.
In a report, the Bureau of Economic Analysis said gross domestic product increased at a seasonally adjusted annual rate of 2.7% in the three months to September, up from a preliminary estimate of 2.0%, but below expectations for growth of 2.8%.
The data showed personal consumption grew 1.4% in the third quarter, compared to a previous estimate of 2.0%. Consumer spending typically accounts for nearly 70% of U.S. economic growth.
The GDP price index rose by 2.8% in the third quarter, in line with expectations and down from 2.9% in the preceding quarter.
Following the release of the data, the U.S. dollar remained lower against the euro, with EUR/USD adding 0.35% to trade at 1.2999.
Meanwhile, U.S. stock index futures held on to gains. The Dow Jones Industrial Average futures pointed to a rise of 0.35% at the open, S&P 500 futures indicated a gain of 0.4%, while the Nasdaq 100 futures signaled a 0.5% advance.