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US economy expands more than forecast in Q3

by ChemOrbis Editorial Team -
  • 25/11/2015 (10:36)
According to data from the US Commerce Department, the country’s gross domestic product (GDP) expanded at a faster pace than previously estimated pace in the third quarter. US economic growth in the third quarter was revised up to 2.1% from the previously estimated growth rate of 1.5%. The country’s upwardly revised growth rate in the third quarter is still well below the growth rate of 3.9% seen in the second quarter.

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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