The US grew one tenth more than estimated in the third quarter

The gross domestic product (GDP) of USA It advanced 1.3% in the third quarter, one tenth more than estimated by the Bureau of Economic Statistics (BEA) in its initial calculation.

According to the figures from the first GDP review published this Wednesday, the annual growth rate was 5.2%, three tenths more than estimated in October.

This leaves behind the slowdown that the world’s leading economy noted in the second quarter, when quarter-on-quarter growth was only half a point, at an annual rate of 2.1%.

Annual growth was revised up three tenths due to upward revisions to non-residential fixed investment, state and local government spending, residential fixed investment and private inventory investment, which were partially offset by a downward revision. of consumer spending. Imports were revised downwards.

The data is known when there are two weeks left before the Federal Reserve (Fed) hold its last monetary policy meeting of the year after which it could decide on a new rate hike or keep them as they are, as it did in its last meeting earlier this month. Rates are now in the range of 5.25% and 5.5%, their highest level since 2001.

The Fed did not rule out that there may be a new increase before the end of the year in the last meeting to be held on December 12 and 13, given that the economy does not show symptoms of cooling but quite the opposite, and inflation is still far from the desired 2%.

In October, the inflation rate fell again, after having risen or remained stagnant since June, and prices fell by half a point, a drop that places the indicator at 3.2%.

Core inflation, a key data that the US central bank analyzes to make its decisions on interest rates, fell one tenth year-on-year, to 4%.

Regarding the labor market, another key piece of information, job creation slowed down considerably to 150,000 new jobs, 147,000 less than those generated a month earlier, and the unemployment rate rose one tenth to 3.9%.

According to the minutes of the last meeting of the Fedthe members of the Federal Open Market Committee (FOMC) agreed that it is necessary “proceed with caution” when studying possible new interest rate increases and that will be decided based on all the incoming economic information.

Furthermore, all participants agreed that “it would be appropriate for the policy to remain in a restrictive stance for some time“, until inflation “is clearly descending sustainably towards the target” Of 2%.