US GDP Data Disappoints as Consumer Spending Slows in Q3

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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.

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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

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