The United States lowers its growth estimates in the third quarter

The United States lowers its growth estimates in the third quarter

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Photo: Bloomberg – Paul Young

The United States lowered its third-quarter growth estimate by a tenth, to 1.2%, according to data published on Thursday by the Bureau of Economic Statistics (BEA, in English).

The annual growth rate calculated in this third and final estimate of GDP was 4.9%, three-tenths lower than the previous estimate. However, the numbers show a good pace of growth for the world’s leading economy.

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The truth is that growth, when compared to the second quarter – in which it reached 0.5% on a quarterly basis and at an annual rate of 2.1% – recorded a significant acceleration and faces the end of the year with more optimism. Forecasting.

According to the Bureau of Economic Analysis, growth in the third quarter was driven by increases in all components of GDP, especially private consumption, but also by private investment and improved exports. Imports also rose.

What became clear is that the Fed’s restrictive policy did not succeed in cooling the US economy as expected, but it did manage to slow inflation.

The latest GDP estimate comes days after the Federal Reserve decided to keep interest rates at their current range of 5.25% to 5.5%.

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It is also known at a time when inflation is at 3.1% – according to November data – and which continues to slow.

At the Fed’s latest meeting, Chairman Jerome Powell cautiously indicated that interest rates may have reached their ceiling, although he warned that everything would depend on the country’s economic development.

The unemployment rate in the United States decreased by 20% in November compared to October, reaching 3.7%, and 199,000 new jobs were created, 49,000 more than those created in the previous month.

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