US Economy Grew 5.2% in Third Quarter, More Than First Estimated

Business
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  • US economy grew at an upwardly revised 5.2% annualized pace in Q3
  • Consumer spending advanced at a 3.6% rate, slower than previously estimated
  • Business investment was revised up, particularly in structures and housing
  • Gross domestic income rose a more moderate 1.5%
  • Average growth of GDP and GDI was 3.3%, double the average pace of H1 2023
  • Consumer spending remained robust, supported by a resilient jobs market and travel/events
  • Inflation-adjusted outlays rose just 0.1% in November
  • Cyber Monday sales reached a record $12.4 billion, up 9.6% YoY
  • PCE price index revised down to a 2.8% annual rate in Q3
  • Adjusted pretax corporate profits posted the biggest increase in over a year, driven by non-financial sectors
  • US merchandise-trade deficit widened to a three-month high in October.