The US economy grew even faster than thought in the July-to-September period, latest official figures indicate. The world's largest economy grew at an annualized rate of 3.5% in the quarter, up from an earlier estimate of 3.2%, the Department of Commerce said.
It was the second time that the figure had been revised upwards, from an initial 2.9%. The rate of growth in the third quarter was the strongest for two years. The figure outstrips the second-quarter growth rate of 1.4%.
The Department of Commerce said consumer spending, which accounts for more than two-thirds of the US economy, increased at a rate of 3%, compared with the previous estimate of 2.8% and the initial estimate of 2.1%. Business investment was up 1.4% compared to the prior estimate of a 0.1% increase.
Non-residential spending grew at a 12% rate, which was the fastest pace since the first quarter of 2014.
The relative boom of the US economy shows no signs of slowing down, with another strong set of GDP figures, said Dennis de Jong, managing director at UFX.com.
[US Federal Reserve] chair Janet Yellen has already stated that another round of rate rises are on top of her to-do list for 2017.
With the incoming president's fiscal policy largely yet to take shape, a period of cautious optimism will likely remain for some time”