The Bureau of Economic Analysis (BEA) of the U.S. Department of Commerce released data on Wednesday (30th) showing that the annual growth rate of real gross domestic product (GDP) in the U.S. in the third quarter was revised to 2.9%, an increase of 0.3 percentage points from the output value, higher than The expected 2.8%. However, the key inflation indicator, the personal consumption expenditures (PCE) price index excluding food and energy, was revised to a quarterly growth rate of 4.6%, higher than the expected and initial value of 4.5%, exacerbating inflation concerns.
After a dismal first half, U.S. economic data for the third quarter painted a mixed picture for the economy, and while the revision was better than expected, inflation indicators remained stubbornly high, with the Federal Reserve (Fed) Continuing to raise interest rates to combat inflation increases the risk of a recession next year.
The Commerce Department said the growth in real GDP in the third quarter reflected growth in exports, consumer spending, nonresidential fixed investment, state and local government spending, and federal government spending, which were partially offset by declines in residential fixed investment and private inventory investment. offset.
In terms of exports, the growth of commodity exports mainly comes from industrial supplies, raw materials (especially non-durable goods), non-auto capital goods, etc., while the growth of service exports mainly comes from tourism, financial services and other fields.
As the largest component of the economy, the PCE annual growth rate in the third quarter of the United States was revised to 1.7%, which was higher than the expected 1.6% and the initial value was 1.4%. Consumer spending is mainly dominated by the service industry, and the output of goods has decreased. Household spending is expected to drive U.S. economic growth in the fourth quarter.
It is worth noting that the quarterly growth rate of the GDP personal consumption expenditure index in the United States in the third quarter was revised to 4.3%, higher than the expected and previous value of 4.1%, and the quarterly growth rate of the PCE price index excluding food and energy in the third quarter was revised to 4.6 %, higher than the expected 4.5%, the initial value was 4.5%.
In terms of corporate profits, the profits of companies in the manufacturing sector fell by $31.6 billion in the third quarter, compared with a rise of $131.6 billion in the second quarter, and the profits of financial institutions fell by $32.9 billion in the third quarter, compared with a drop of $46 billion in the second quarter.