The US third-quarter GDP has been revised to 3.1% due to increased consumer spending and exports

The December 19th Jinshi data showed that the U.S. economy expanded at a faster pace in the third quarter than previously estimated, partly due to strong consumer spending and exports. The final annualized seasonally adjusted real GDP for the third quarter in the U.S. recorded 3.1%, up from the previous forecast of 2.8%. The final seasonally adjusted real personal consumption expenditure for the third quarter rose to 3.7%. These data reinforce the view that despite market expectations of a slowdown in the U.S. economy, the economy is still rising strongly. The Fed previously hinted that the pace of rate cuts in 2025 would slow down, triggering a market dumping, partly based on recent economic data that has been stronger than expected.