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| US grows at annual rate of 3.5% in third quarter | US grows at annual rate of 3.5% in third quarter |
| (35 minutes later) | |
| The US economy grew at an annual rate of 3.5% in the July-September quarter, the Commerce Department has said. | The US economy grew at an annual rate of 3.5% in the July-September quarter, the Commerce Department has said. |
| That was better than the 3% pace that economists had been expecting and follows the 4.6% growth rate recorded in the April-June quarter. | |
| Strong export growth and higher government spending helped to boost growth in the third quarter. | |
| In a sign of confidence in the US recovery, on Wednesday the Federal Reserve ended its stimulus scheme. | In a sign of confidence in the US recovery, on Wednesday the Federal Reserve ended its stimulus scheme. |
| The fall in unemployment to a six-year low has helped boost that confidence. | The fall in unemployment to a six-year low has helped boost that confidence. |
| "Today's number represents a return to a healthy-looking trend. The most recent IMF forecasts suggest the US economy will grow 3.1% next year and 3.0% in 2016, and these could be revised further upwards in the coming months," said Ben Brettell, senior economist at Hargreaves Lansdown stockbrokers. | |
| It has been a volatile year for US growth data. | |
| In the first quarter the economy contracted at an annual rate of 2.1% after severe weather hampered economic activity. | |
| But the second quarter saw a rebound, growing at an annual pace of 4.6%. | |
| Taken together the latest two quarters are the strongest consecutive quarters of growth since the second half of 2003. |