US Economic Growth Revised Up To 2.1% For Q3

US economic growth was revised to an annual rate of 2.1% for the third quarter, according to the Commerce Department's advance estimate of a second reading of data on Wednesday.

The first reading made last month had put the figure at 2%. The market expectation for the second reading was 2.2%.

The US' real gross domestic product (GDP) increased 6.7% in the second quarter.

American economy contracted 31.4% in the second quarter of 2020, recovered 33.4% in the third quarter, but shrunk 3.5% overall in 2020, marking its worst annual drop since 1946, amid the coronavirus pandemic.

GDP, based on the current dollar, increased $446 billion in the July-September period to $23.19 trillion, it said, adding it rose $702.8 billion in the second quarter.

"The PCE [Personal Consumption Expenditures] price index increased 5.3%, compared with an increase of 6.5%. Excluding food and energy prices, the PCE price index increased 4.5%, compared with an increase of 6.1%." the statement said. -