Third Quarter GDP Revised Higher To 4.1% Friday, December 20, 11:30 AM ET
This morning, the Commerce Department issued its third revision to the third quarter GDP estimates, raising its estimate from an annual rate of 3.6% up to an annual rate of 4.1%. This upward revision was a surprise as economists were expecting no change from the Commerce Department's previous estimates. In the report, the Commerce Department noted that both business spending and consumer spending increased by more than originally expected, prompting the increase to the overall GDP increase. On the news, the US markets were headed higher.
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