The U.S. economy expanded at an annual 2.1% pace in the third quarter instead of 2.0%, revised government data show. Economists were expecting a reading of 2.2%, according to a Wall Street Journal poll.
Consumer spending and private inventory investment mostly accounted for the upward revision, the Commerce Department said Wednesday. The report was a revision of an advance estimate issued last month.
The upward revisions in consumer spending and private inventory investment were partially offset by downward revisions to exports, purchases by businesses of nonresidential structures, equipment and software and federal government spending.
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Adjusted pre-tax corporate profits rose 4.3% in the third quarter after increasing 10.5% in the second.
Looking ahead, economists expect U.S. GDP to grow at an annualized rate of 4.8% in the fourth quarter of 2022. Those figures will be released in January of 2022.
were poised to fall at the start of trade Wednesday.