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US GDP rises 1.5% in the third quarter

FXStreet (Mumbai) - The US economy expanded at a slower rate in the third quarter, the Commerce Department data showed today.

Gross domestic product grew at a 1.5% annual rate, missing the estimate of 1.6%. The bloated stockpiles dropped on account of a rise in consumer and business spending. Excluding the biggest swing in inventories in four years, the pace of growth was 3% compared with 3.9% in the previous three months.

Household purchases, which account for almost 70% of the economy, rose at a 3.2% annual pace compared with a 3.6% in the previous quarter. Core Personal Consumption Expenditure (PCE) printed at 1.3%, missing the estimate of 1.4%. The prior quarter’s PCE stands unrevised at 1.9%.

The overall report is in line with the Fed statement released yesterday – economy continues to expand at a moderate pace. However, the drop in the core PCE is the worrying factor.

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