US: GDP expanded 2.1% in Q3 (second estimate) vs. 1.9% expected
|- US GDP in Q3 is seen growing by 2.1%.
- Greenback starts to gather strength on the upbeat data.
According to the second estimate of the United States (US) Bureau of Economic Analysis (BEA), the real Gross Domestic Product (GDP) in the third quarter expanded 2.1% on a yearly basis following the 2% recorded in the second quarter and beat the market expectation and the previous estimate of 1.9%.
Further details of the publication revealed GDP Product Price Index in the third quarter ticked up to 1.7% as expected.
With the initial reaction, the US Dollar Index gained traction and was last up 0.1% on the day at 98.35.
"With the second estimate for the third quarter, upward revisions to private inventory investment, nonresidential fixed investment, and personal consumption expenditures (PCE) were partially offset by a downward revision to state and local government spending," the BEA explained in its press release.
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