This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-30585541
The article has changed 4 times. There is an RSS feed of changes available.
Version 0 | Version 1 |
---|---|
US economy growing at quickest pace for 11 years | US economy growing at quickest pace for 11 years |
(35 minutes later) | |
The US economy grew at an annual rate of 5% in the third quarter, its fastest pace for 11 years, official figures suggest. | The US economy grew at an annual rate of 5% in the third quarter, its fastest pace for 11 years, official figures suggest. |
The US Commerce Department said GDP rose faster than the previous estimate of 3.9% for the July-to-September period, boosted by stronger consumer and business spending. | The US Commerce Department said GDP rose faster than the previous estimate of 3.9% for the July-to-September period, boosted by stronger consumer and business spending. |
This was the fastest rate of growth since the third quarter of 2003. | This was the fastest rate of growth since the third quarter of 2003. |
The strong figure builds on the second-quarter growth rate of 4.6%. | The strong figure builds on the second-quarter growth rate of 4.6%. |
Much of the third quarter growth came from consumer spending, which accounts for around two-thirds of US economic activity. Consumer spending grew at an annual pace of 3.2%, the fastest since the fourth quarter of 2013. | |
Growth in business investment was raised to a rate of 8.9% pace from an earlier estimate of 7.1%. There was a stronger pace of spending than previously thought on equipment, intellectual property products and non-residential structures. | |
After two strong quarters for the US economy, economists predict that growth will slow to an annual rate of around 2.5% in the current October-December quarter. | |
But they predict growth of about 3% in 2015, which would be the fastest pace since 2005. |