The third-quarter American economic growth was slightly upgraded to reflect changes in personal spending and private inventory investment during the period.
Source: Bureau of Economic Analysis
The third estimate of the third-quarter gross domestic product stood at 2.3%, higher than the second estimate of 2.1%. The upgrade follows the 6.7% real gross domestic product growth recorded in the second quarter.
The update accounts for the upward revisions to personal consumption expenditures and private inventory investment, which were partly offset by the downward revision to exports. Imports were also downgraded.
Private inventory investment was revised higher to reflect growth in wholesale and retail trade. Personal spending reflected the growth in services, which was partly offset by the decline in goods.
The slower growth in the third quarter real GDP was more than accounted for by the deceleration in personal spending, as spending for goods slipped, and services declined.