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U.S. final Q3 GDP revised up to 3.1% from 2.7%

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Investing.com - Investing.com - The U.S. economy grew at a faster rate than initially estimated during the third quarter of 2012, as personal consumption figures were revised higher, official data showed on Thursday.

In a report, the Bureau of Economic Analysis said gross domestic product increased at a seasonally adjusted annual rate of 3.1% in the three months to September, up from a preliminary estimate of 2.7% and above expectations for growth of 2.8%.

The data showed personal consumption grew 1.6% in the third quarter, compared to a previous estimate of 1.4%. Consumer spending typically accounts for nearly 70% of U.S. economic growth.

The GDP price index rose by 2.7% in the third quarter, in line with expectations and down from 2.8% in the preceding quarter.

Following the release of the data, the U.S. dollar was lower against the euro, with EUR/USD adding 0.22% to trade at 1.3256.

Meanwhile, U.S. stock future indices were little changed. The Dow Jones Industrial Average futures pointed to a flat open, S&P 500 futures were little changed, while the Nasdaq 100 futures signaled a gain of 0.15%.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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