US Q3 economic growth figures revised upwards

| November 23, 2010 | 0 Comments
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The Commerce Department has today revealed the US economy grew by 2.5% in the July to September period – much faster than the 2% previously estimated and higher than economists had forecast.

Today’s estimate is the second reading, a third and final estimate will be available next month.

GDP was revised upwards due to higher consumer spending and business investment.

However, despite the upward revision, unemployment remains stubbornly high and is hovering near the double digit mark.

In other US news today, October existing home sales data is due later, as are the most recent Federal Reserve minutes.

In other news today, Germany’s Statistics Office, Destatis, said growth in the July to September period was 0.7% – confirming an earlier estimate this month.

On an annual basis, the German economy grew by a staggering 3.9%.

The UK will publish its second estimate of third quarter growth later this week.

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