- US economy grows at 2.9% in the third quarter, more than previously estimated.
- The dollar rises after the data, recovering from the fallafter ADP.
- More data ahead and then Powell’s speech.
The new third quarter GDP growth report showed that the economy grew at an annualized rate of 2.9%, above the previous estimate of 2.6%, which was expected to hold.
The GDP price index it went from 4.1% to 4.3%. The personal consumption expenditure price index was also revised upwards, in this case from 4.2% to 4.3%.
Prior to the growth report, there was an increase in jobs in the ADP private sector of 127,000, below expectations. The dollar had lost ground after these figures, and recovered after the growth figures.
Chicago PMI and home sales data will be released later on Wednesday. In the second half of the American session, Jerome Powell, the Chairman of the Federal Reserve will give a speech and the central bank will publish the Beige Book.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
