In the third quarter, the U.S. economy is revised up by 3.1% in the third and final reading, and the originally estimated was 2,7%. It is stronger than the increase from the fourth quarter of 2011. Analysts had expected a revision to 2.8%.
In the Lead improvement in GDP between July and September was exports, which grew by 1,9%, against 1.1% originally estimated. For the first time since the second quarter of 2009 imports falls, reflecting the weakening of the domestic market, while government spending was revised from +3.5% to +3.9%. Both exports and government spending are still expected to fall in the coming quarters.
Exports will fall to the economic slowdown, while government spending is likely to suffer the terrible repercussions of fiscal cliff, which at the beginning of 2013, without intervention by Congress, will be bad for the U.S. economy, accounting for $ 600 billion between spending cuts and tax increases. The life for most Americans won’t be easy as many of them might not be able to afford a designing house or other luxury amenities. In the third quarter U.S. GDP collects a 1.6% of consumption, 0.2% more than the previous estimate.