Revised data on US third-quarter economic growth shows gross domestic product expanding at an annual rate of 2.1 percent following a 2 percent growth rate in the April-June quarter, the Commerce Department reported on Wednesday
WASHINGTON (Pakistan Point News / Sputnik - 27th November, 2019) Revised data on US third-quarter economic growth shows gross domestic product expanding at an annual rate of 2.1 percent following a 2 percent growth rate in the April-June quarter, the Commerce Department reported on Wednesday."The GDP estimate released today is based on more complete source data than were available for the 'advance' estimate [1.9 percent] issued last month," it said in a press release.
The upward revisions reflected increased inventory investment, nonresidential fixed investment, and personal consumption, partly offset by downward revisions to state and local government spending, the release said.
Growth rates for two consecutive quarters have failed to meet the 3 percent target set by US President Donald Trump, who claims to have made even higher growth rates possible by scuttling costly Obama-era regulations on businesses.
But many economists fear Trump's trade war has begun to partially offset growth - a view that Trump rejects, claiming the US domestic economy during his administration is the best in American history.
