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US economy surges in Q3, beats estimates

by ChemOrbis Editorial Team -
  • 24/12/2014 (13:13)
According to data released by the US Commerce Department, the US economy surged in the third quarter of this year to post its fastest pace of growth in eleven years. The country’s gross domestic product (GDP) rose 5% in the third quarter, up from previously estimated growth at 3.9%. Initial estimates called for a 4.3% gain in a survey by Bloomberg.

The jump in the economic performance was attributed to stronger consumer spending on the back of higher employment rates and lower gasoline prices. Consumer spending increased 3.2% when compared to previously reported estimates of 2.2%, with the increase mostly attributed to stronger health care spending. The country’s business investment also increased by 8.9% in the third quarter of this year.
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