US economy grows at faster than expected pace in Q3
The country’s gross domestic product (GDP) rose 3.9% year over year in the third quarter, after posting a growth rate of 4.6% in the second quarter. The Commerce Department’s initial estimates reported an increase of 3.5%.
Higher consumer spending and stronger business investment were cited as the main reasons behind the country’s faster growth in the third quarter. Consumer spending increased 2.2% on a yearly basis in the third quarter, up from a previously estimated rate of 1.8%, while business investment climbed 6.2% in the quarter.
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