US manufacturing grows more than expected in Oct
Analysts noted that the US is weathering the global slowdown as domestic demand is improving due to a stronger job market combined with lower gasoline prices, which allows consumers to spend more.
A bright spot in demand has been in the automotive industry. Sales of cars reached a 12-year high in August, though sales moderated in September. Motor vehicle production helped to boost the economy in the third quarter. GDP growth in the US was at 3.5% in Q3, following a growth rate of 4.6% in the previous quarter, making the strongest back-to-back readings since 2003.
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