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US GDP Data Disappoints as Consumer Spending Slows in Q3

US GDP Data Disappoints as Consumer Spending Slows in Q3

Richard Snow, Analyst

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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For all market-moving data releases and events see the DailyFX Economic Calendar

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.

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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

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Chart prepared by Richard Snow, IG

--- Written by Richard Snow for DailyFX.com

Contact and follow Richard on Twitter: @RichardSnowFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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