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U.S. GDP Unexpectedly Jumps More Than Previously Estimated In Q3
(RTTNews) - Revised data released by the Commerce Department on Wednesday showed the U.S. economy grew by more than previously estimated in the third quarter.
The report said real gross domestic product spiked by 2.9 percent in the third quarter compared to the previously reported 2.6 percent surge. Economists had expected the pace of GDP growth to be unrevised.
The Commerce Department said the stronger than previously estimated growth reflected upward revisions to consumer spending and nonresidential fixed investment.
Imports, which are a subtraction in the calculation of GDP, also decreased more than previously estimated.
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IMF Raises Global Growth Forecast As Tariff Impact Less Severe Than Feared
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U.S. Small Business Confidence Weakens For First Time In 3 Months: NFIB
Small business morale in the U.S. eroded for the first time in three months in September as business struggle with rising inflation, weaker sales outlook and labor shortage, survey data from the National Federation of Independent Business showed on Tuesday.
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Powell Reiterates There's 'No Risk-Free Path' As Fed Navigates Tension Between Dual Goals
Federal Reserve Chair Jerome Powell spoke at the 67th Annual Meeting of the National Association for Business Economics in Philadelphia on Tuesday but did not provide much fresh insight into the outlook for interest rates. Powell reiterated his belief that there is "no risk-free path" for monetary policy.
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U.S. Govt Has Started To Fire Federal Workers
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U.S. Consumer Sentiment Virtually Unchanged In October
A report released by the University of Michigan on Friday showed its reading on U.S. consumer sentiment was virtually unchanged in the month of October.
The University of Michigan said its consumer sentiment index edged down to 55.0 in October from 55.1 in September. Economists had expected the index to slip to 54.2.
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IMF Chief Georgieva Says World Economy Doing 'Better Than Feared'
Global economy is coping with shocks in a better-than-expected manner, but there is a risk that the resilience has not yet been fully tested, International Monetary Fund Managing Director Kristalina Georgieva said on Wednesday.
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Fed Minutes Reveal Officials Expressed Range Of Views About Interest Rate Outlook
Ahead of its next monetary policy meeting later this month, the Federal Reserve on Wednesday released the minutes of its September meeting. The Fed announced its widely expected decision to lower interest rates by 25 basis points to 4.0 percent to 4.25 percent following the meeting, citing a shift in the balance of risks.
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U.S. Mortgage Applications Fall For Second Week, Demand For ARMs Rise: MBA
Home loan applications in the U.S. declined for a second week in a row, but at a slower pace, and there was an increase in demand for the riskier adjustable-rate mortgages as homebuyers look for best deals, survey data from the Mortgage Bankers Association showed on Wednesday.
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