US third-quarter GDP grows 3.4% as PCE inflation slows to 2.1%
Briefing by News4U · First published
In a News4U market summary for Thursday's Asia evening session, The Guardian's business live blog said the US economy grew by 3.4% in the third quarter, an advance Bureau of Economic Analysis estimate that beat economists' 3.2% expectation and picked up from a 2.2% annualised pace previously. Gains in investment, consumer spending and government spending were partly offset by a decline in exports. The personal consumption expenditures price index — closely watched by the Federal Reserve — rose 2.1%, down from 5% in the prior quarter, while core PCE excluding food and energy rose 2.5%, versus 3.3% previously. [1]