US economy expands more than forecast in Q3
The upward revision was attributed to higher investments in businesses and housing. Business investments grew 2.4% while investments in housing rose 7.3% from an earlier estimate of 6.1%. However, consumer spending increased 3%, less than the previously estimated rate of 3.2%. The data also revealed that exports grew 0.9% after increasing 5.1% in the second quarter while imports rose 2.1% in the July- September period.
Stronger than anticipated economic growth has bolstered expectations of a rate hike by US Federal Reserve in December.
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