US GDP Data Disappoints as Consumer Spending Slows in Q3
The advance figure (first estimate) of Q3 US GDP came in at 2% after expectations of 2.7% proved slightly optimistic.
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The lower than expected figure has been attributed to slower consumer spending as government assistance payments to businesses, state and local government and households all decreased.
Source: US Bureau of Economic Analysis
The data comes off the back of the Q2 print of 6.7%. The increase in second quarter GDP reflected the continued economic recovery, reopening of establishments, and continued government response related to the COVID-19 pandemic.
The initial response to in the US dollar saw slightly lower prices but nothing outside of the daily range.
US Dollar Index 15 Minute Chart
Chart prepared by Richard Snow, IG
--- Written by Richard Snow for DailyFX.com
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