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US GDP figures knock markets back

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US GDP figures knock markets back

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US GDP growth for the third quarter has been revised slightly down to 2 percent, shaving half a percent off forecasts, but with inventories dropping for the first time since 2009 there are hopes Q4 could see a strong surge in performance as consumer spending remains robust.

Q4 could even see growth at 3 percent plus, which would be the best performance in 18 months and provide an end-of-year boost to President Obama.

Exports grew faster than expected, rising 4.3 percent while imports slowed to only half a percent growth, which could ease pressure on the dollar.

Wall Street and Europe fell on the news.