Breaking: US economy grows at an annualized rate of 2.6% in Q3 vs. 2.4% expected
|The US economy expanded at an annualized rate of 2.6% in the third quarter, the US Bureau of Economic Analysis' (BEA) first estimate showed on Thursday.
This reading followed the 0.6% contraction recorded in the second quarter and came in slightly better than the market expectation for a growth of 2.4%.
"The increase in real GDP reflected increases in exports, consumer spending, nonresidential fixed investment, federal government spending, and state and local government spending, that were partly offset by decreases in residential fixed investment and private inventory investment," the BEA explained in its publication. "Imports, which are a subtraction in the calculation of GDP, decreased."
Follow our live coverage of the market reaction to the ECB'press conference and US GDP data.
Market reaction
The US Dollar Index extended its daily rally on the upbeat data and was last seen rising 0.55% on the day at 110.30.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.