Market Updates
Third Quarter GDP Annual Rate Revised Higher to 3.2%
Brian Turner
22 Dec, 2022
New York City
Investors sold stocks on Wall Street after third quarter economic growth was revised higher raising the prospects of more rate tightening by the Federal Reserve.
The sharp upward revision to economic growth adjusted for inflation was driven by an acceleration in consumer spending and nonresidential fixed investments and a smaller decrease in private inventory investment.
The S&P 500 index declined 1.8% to 3,807.33 and the Nasdaq Composite index dropped 2.6% to 10,428.73.
Real third quarter GDP growth was revised higher to 3.2% annual pace from the previous estimate of 2.9% after nonresidential fixed investment and consumer spending accelerated, the U.S. BEA said Thursday.
Current dollar GDP increased at an annual pace of 7.7%, or $475.5 billion, in the third quarter to a level of $25.72 trillion, an upward revision of $25.0 billion from the previous estimate.
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