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| Version 1 | Version 2 |
|---|---|
| US economic growth revised upwards | US economic growth revised upwards |
| (35 minutes later) | |
| Economic growth in the US has been revised upwards for the third quarter, to its fastest pace since late 2011. | Economic growth in the US has been revised upwards for the third quarter, to its fastest pace since late 2011. |
| The Commerce Department said gross domestic product (GDP) grew at an annualised rate of 4.1% between July and September - up from a previous estimate of 3.6%. | The Commerce Department said gross domestic product (GDP) grew at an annualised rate of 4.1% between July and September - up from a previous estimate of 3.6%. |
| Stronger consumer spending accounted for much of the upward revision. It accounts for two-thirds of the economy. | Stronger consumer spending accounted for much of the upward revision. It accounts for two-thirds of the economy. |
| Business spending was also stronger than previous estimates. | Business spending was also stronger than previous estimates. |
| On Wednesday the US central bank, the Federal Reserve, announced it would start to slow its economic stimulus programme because of the improving economy - in particular the falling unemployment rate. | On Wednesday the US central bank, the Federal Reserve, announced it would start to slow its economic stimulus programme because of the improving economy - in particular the falling unemployment rate. |
| The central bank said it planned to scale back its $85bn (£51.8bn) a month bond buying programme by $10bn a month. | The central bank said it planned to scale back its $85bn (£51.8bn) a month bond buying programme by $10bn a month. |
| Analysts were encouraged by the GDP revision. | |
| "Not only was third-quarter GDP above 4.0% for only the third time since the expansion began in 2009, the mix of growth looks better (though still not great) than a month ago after the first revision," said Chris Low and Jay Morelock of FTN Financial in a research note. | |
| "Preconditions are in place for much stronger economic expansion in 2014," said Scott Hoyt of Moody's Analytics. |