Exports expanded by 9.6% in the July-to-September period, up from 7.5% in the prior estimate. That was also entirely due to services.
The numbers reinforce the notion that the economy is still powering ahead despite expectations among forecasters for an eventual slowdown. The report comes just a day after the Federal Reserve triggered a stock-market selloff by signalling a slower pace of interest-rate cuts in 2025, in part premised on recent stronger-than-expected economic data.
The report also showed one of the Fed’s preferred inflation metrics — the personal consumption expenditures price index, excluding food and energy — was marked up slightly to 2.2%. November PCE data is due Friday.
Other components that make up GDP like business and residential investment, as well as government spending, were also revised higher.
See also: US immigration curbs to hit economy hard in 2025, Fed study says
Applications for US unemployment benefits fell last week after spiking earlier this month, continuing a streak of volatility that often occurs during the holiday season, separate data Thursday showed.
