US economy grows 3.5% in Q3, beats estimates
The US Commerce Department announced that the country’s gross domestic product (GDP) increased 3.5% on a yearly basis in the third quarter, after posting an increase of 4.6% in the previous quarter of this year. Initial estimates called for a 3% increase in a survey by Bloomberg.
Meanwhile, the country’s consumer spending rose 1.8% in the third quarter of 2014 after posting an increase of 2.5% in the second quarter. However, the outlook is positive as lower crude prices and the country’s increasing oil production just before holiday shopping season are expected to boost consumer spending. In addition, an increase in consumer confidence, which reached a 7-year high in October plus sustained improvement in the job market are expected to support the country’s economic growth during the last quarter of the year.
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