Although Q3 GDP growth in the U.S. was lower than initial estimates, the results still beat expectations, according to revised data released on Tuesday.
The Commerce Department report showed that gross domestic product grew 2% in the third quarter, beating expectations of 1.9% growth. Initial estimates projected third-quarter growth to be 2.1%. The U.S. economy saw 3.9% growth in the second quarter.
According to the report, personal consumption jumped 3% in the third quarter, beating forecasts of 2.9%. Consumer spending accounts for roughly 70% of economic growth in the United States.
The GDP price index gained 1.3% in the quarter, meeting expectations.
The better-than-expected forecast data supports the speculation that the economy in the United States is stable enough to handle further interest rate increases next year.
Elsewhere, the U.S. dollar index inched up to 98.22, up from 98.18 before the report was released.
U.S. stock futures saw modest gains, with S&P 500 futures gaining four points, Dow futures adding 24 points and NASDAQ 100 futures accumulating 3 points.
Gold futures saw a slight decline, trading at $1,075.90 a troy ounce. Ahead of the data, gold was trading at $1079.70. Crude oil slipped from $36.09 a barrel earlier in the day to $35.95 a barrel.