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U.S. GDP Jumps More Than Previously Estimated In Q2
(RTTNews) - The Commerce Department released a report on Thursday showing the U.S. economy unexpectedly grew by more than previously estimated in the second quarter.
The report said the surge by gross domestic product in the second quarter was upwardly revised to 3.0 percent from the previously reported 2.8 percent. Economists had expected the pace of GDP growth to be unrevised.
With the upward revision, the pace of GDP growth in the second quarter showed an even faster acceleration compared to the 1.4 percent jump in the first quarter.
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U.S. Manufacturing Index Unexpectedly Edges Lower In October
Manufacturing activity in the U.S. unexpectedly contracted at a slightly faster rate in the month of October, according to a report released by the Institute for Supply Management on Monday. The ISM said its manufacturing PMI slipped to 48.7 in October after edging up to 49.1 in September, with a reading below 50 indicating contraction. Economists had expected the index to inch up to 49.5.
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Chicago Business Barometer Climbs More Than Expected But Still Indicates Contraction
A reading on Chicago-area business activity increased by more than expected in the month of October but continued to indicate contraction, according to a report released by MNI Indicators on Friday. The report said the Chicago business barometer climbed to 43.8 in October after slipping to 40.6 in September. Economists had expected the index to show a more modest increase to 42.3.
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