US Growth Revised Upwards to 4.1 Percent

Economic growth in the US has been revised upwards for the third quarter, to its fastest pace since late 2011.

The Commerce Department said gross domestic product (GDP) grew at an annualised rate of 4.1% between July and September – up from a previous estimate of 3.6%.

Stronger consumer spending accounted for much of the upward revision. It accounts for two-thirds of the economy.

Business spending was also stronger than previous estimates.

On Wednesday the US central bank, the Federal Reserve, announced it would start to slow its economic stimulus programme because of the improving economy – in particular the falling unemployment rate.

The central bank said it planned to scale back its $85bn (£51.8bn) a month bond buying programme by $10bn a month.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza