U.S. economic growth edged up in the third quarter. The advanced reading showed GDP expanded at a 2.0% annualized rate, following a 1.7% rise in the prior quarter. The reading was in line with expectations. The overall increase was partly supported by a 2.6% increase in personal consumption, after a 2.2% increase in the prior quarter. The personal consumption (PCE) index, excluding food and energy, rose at an annual rate of 0.8%, after a 1.0% increase in the second quarter.
A separate report showed employment costs rose 0.4% in the quarter, slightly less than expected. The Chicago Purchasing Manger Index will be released at 9:45 am ET and the University of Michigan’s consumer sentiment index is due at 9:55 am.
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