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U.S. third quarter GDP revised up to 3.9% from 3.5%

Published 11/25/2014, 08:34 AM
Updated 11/25/2014, 08:34 AM
U.S. third quarter GDP revised up to 3.9%

Investing.com - The U.S. economy grew more than initially estimated in the third quarter, boosting optimism over the strength of the economy, official revised data showed on Tuesday.

In a report, the Commerce Department said gross domestic product grew at a seasonally adjusted annual rate of 3.9% in the three months ended September 30, above expectations for a reading of 3.3%.

Preliminary data initially pegged U.S. growth at 3.5% in the third quarter. The U.S. economy expanded by 4.6% in the preceding quarter.

The data showed personal consumption rose 2.2% in the third quarter, beating expectations for a 1.9% gain and up from a preliminary estimate of 1.8%.

Consumer spending typically accounts for nearly 70% of U.S. economic growth.

The GDP price index rose by 1.4% in the third quarter, above expectations for a 1.3% increase and up from an initial reading of 1.3%.

EUR/USD was trading at 1.2408 from around 1.2428 ahead of the release of the data, while GBP/USD was at 1.5656 from 1.5672 earlier.

Meanwhile, the outlook for U.S. equity markets was upbeat. The Dow futures indicated a gain of 0.2% at the open, the S&P 500 futures pointed to a rise of 0.2%, while Nasdaq 100 futures tacked on 0.25%.

Elsewhere, in the commodities market, gold futures traded at $1,192.50 a troy ounce, compared to $1,199.30 ahead of the data, while crude oil traded at $76.06 a barrel from $76.08 earlier.

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