The GDP growth in the third quarter of the United States was revised downward more than expected, and the growth momentum is weakening.
On Thursday, December 21, the U.S. Department of Commerce released the annualized quarter-on-quarter final value of U.S. GDP for the third quarter, which was revised down to 4.9% more than expected, lower than the expected 5.2%, and the previously released revision of 5.2%.
The PCE price index, which was released at the same time as GDP, was also revised downward, with the core personal consumption expenditures (PCE) price index revised down to 2% quarter-on-quarter, also lower than the previous value and the forecast of 2.3%, and the personal consumption expenditures (PCE) annualized quarter-on-quarter final value revised down to 3.1%, lower than the forecast and the previous value of 3.6%.
Meanwhile, U.S. initial jobless claims rose less than expected last week, remaining near record lows, suggesting that the labor market remains resilient. Initial jobless claims rose by 2,000 to 205,000 in the week ended Dec. 16, the data showed.
Some analysts said that the core inflation PCE price index was revised down from 2.3% to 2%, and the data is still "dovish", which may also bring some downside risks to tomorrow's November core PCE inflation data. With inflation low and a solid labour market, the current macro backdrop is optimistic.
After the release of the data, the dollar index quickly fell 20 points after a slight short-term rise and is now at 101.94. U.S. stock futures were higher, with Nasdaq 100 futures extending gains to 1%. The U.S. 10-year Treasury yield edged higher before falling to 3.876%. Spot gold edged higher in the short term and is now trading at $2,035.47 an ounce.
(Continuously updated)
This article is from Wall Street News, welcome to download the APP to see more