The bureau of economic analysis published today its advance estimate of U.S. GDP 2011 third quarter of 2011:
According to the report, the growth rate of the real U.S GDP 2011 in the third quarter of 2011 was 2.5%; in the previous quarter (Q2 2011) the real U0S GDP grew by only 1.3%. The Q3 2011 growth rate was the highest growth rate in 2011.
The rise in the U.S GDP 2011 Q3 was stem mainly from the increase in personal consumption expenditures, exports, nonresidential fixed investments, and federal government spending. On the other hand, there was a decrease in private inventory investment and state and local government spending; these spending offset the rise in the real U.S GDP growth rate in the third quarter. The growing deficit in the U.S. Federal budget during recent months coincides with the growth in the government spending.
The rise in the U.S. CPI may have also severed as an indicator of the growth in the economic activity in the U.S.
This news along with the resolution of the EU debt crisis earlier today may have helped pull up the European and American stock markets along with the major commodities prices mainly the energy commodities prices such as crude oil prices:
Nymex (WTI) crude oil price, short term futures (November 2011 delivery) is traded up by 3.10%, at $93.00 per barrel as of 15:00*.
Gold price, short term futures (November 2011 delivery) is traded at $1,721.50 per t oz. a $2 decrease or 0.12%, as of 14:55*.
Euros to USD is currently traded sharply up at 1.4114 a 1.4902% increase as of 15:08*.
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