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 The first revision to third quarter GDP showed the US economy grew at an annualized rate of 3.9% during the quarter. Expectations were for the headline GDP number to fall slightly, to 3.3% from the initial 3.5% reading, which beat expectations. According to the latest release from the BEA, "With the second estimate for the third quarter, private inventory investment decreased less than previously estimated, and both personal consumption expenditures (PCE) and nonresidential fixed investment increased more. In contrast, exports increased less than previously estimated." In the third quarter, personal consumption expenditures, or PCE — a measure of inflation — rose at a pace 2.2%. Expectations were for PCE to show a 1.9% increase in the third quarter. On a quarter-on-quarter basis, PCE rose 0.4% in Q3. Some of the standout numbers from the report include a 16% increase in defense spending during the quarter, and overall government consumption expenditures and gross investment rose 9.9% in the quarter. Nonresidential fixed investment rose 7.1% in the third quarter, with equipment invest rising 10.7% and investments in intellectual property rising 6.4%. Here's the table showing the breakdown of the third quarter. 
More to come ... | 
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