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Economic growth revised sharply higher
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| Parent(s) |
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| Contributor | Scott³ |
| Last Edited | Scott³ Nov 30, 2005 02:47pm |
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| Category | News |
| News Date | Wednesday, November 30, 2005 08:00:00 PM UTC0:0 |
| Description | Reuters Newswire article.
An excerpt...
"U.S. economic growth was much stronger last quarter than first thought as spending rose more than estimated, while divergent inflation signals in government and private-sector data on Wednesday left economists puzzled over price pressures.
Gross domestic product, a measure of all goods and services produced within U.S. borders, grew at a revised 4.3 percent annual rate in the July-to-September period, the fastest pace since the first three months of 2004, the Commerce Department said. That report also showed inflation was milder than first thought.
The core price index for consumer spending, the Federal Reserve's favored inflation yardstick that strips out volatile food and energy prices, rose just 1.2 percent in the third quarter, down from the originally reported 1.3 percent pace.
That was the lowest rate of core inflation in more than two years. Economists had expected the index to be revised higher.
However, data from the private sector showed prices paid by businesses in the Midwest rose in November to their highest level in 26 years while business activity eased, suggesting it may be too early to dismiss the threat of inflation." |
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