EmailGDP in the third quarter was revised down from 2.0% in the second estimate to 1.8% in the third estimate. The Briefing.com consensus expected GDP growth to remain at 2.0%.
The downward revision was mostly due to weaker-than-expected consumption growth.
Consumption growth was revised down from 2.3% in the second estimate to 1.7% in the third estimate. The revision lowered GDP growth by 0.4 percentage points in the third estimate.
The decline in consumption, however, was partially offset by stronger inventory numbers. Private inventory changes were revised up from -$8.5 bln to -$2.0 bln and added 0.2 percentage points to the third GDP estimate.
Fixed investment, net exports, and government spending were all essentially unchanged in the latest GDP report.
Real final sales, which excludes inventory changes, was revised down from 3.6% to 3.2%.
