The U.S. Bureau of Economic Analysis (BEA) says real gross domestic (GDP) product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 2.5% in the third quarter of 2011, matching investors' expectations, according to the "advance" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 1.3%.
"The increase in real GDP in the third quarter primarily reflected positive contributions from personal consumption expenditures (PCE), nonresidential fixed investment, exports, and federal government spending that were partly offset by negative contributions from private inventory investment and state and local government spending," states the release.
Juli says: The market has plenty of positive news to draw from this morning. GDP hit the mark and investors seem pleased with the EU's deal to refinance banks to avoid a debt default. The U.S. dollar index is weaker this morning, which is positive for commodity markets.