The US economy advanced by an annualized 2.3% in the third quarter, following a 6.7 % expansion in the previous three-month period, above analysts’ estimate of 2.1%, the third revision showed. The deceleration in real GDP in the third quarter was led by a slowdown in consumer spending. A resurgence of COVID-19 cases resulted in new restrictions and delays in the reopening of establishments in some parts of the country. In the third quarter, government assistance payments in the form of forgivable loans to businesses, grants to state and local governments, and social benefits to households all decreased.
The core PCE price index rose 4.6% QoQ, after a 6.1% advance in the second reading and above market expectations of 4.5% increase.
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EURUSD saw a relatively small reaction to today’s data releases. The most popular currency pair continued to trade around 1.1300 level. Source: xStation5
