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| 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. | 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% 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. | 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. | But they predict growth of about 3% in 2015, which would be the fastest pace since 2005. |
| Jobs and spending | Jobs and spending |
| The US economy has struggled to regain its pre-2007 vigour following the global economic downturn, which was precipitated by the US subprime mortgage crisis. | The US economy has struggled to regain its pre-2007 vigour following the global economic downturn, which was precipitated by the US subprime mortgage crisis. |
| After the recession in the US ended in 2009, growth struggled to return to its previous levels. Growth has averaged about 2.2% annually, compared with 3.3% growth in 2005. | After the recession in the US ended in 2009, growth struggled to return to its previous levels. Growth has averaged about 2.2% annually, compared with 3.3% growth in 2005. |
| However, analysts think US growth is set to accelerate as businesses become more confident about taking on employees. | However, analysts think US growth is set to accelerate as businesses become more confident about taking on employees. |
| The US unemployment rate was 5.8% in November. With more people working, solid gains are expected in consumer spending. | The US unemployment rate was 5.8% in November. With more people working, solid gains are expected in consumer spending. |
| It is widely anticipated that the US central bank, the Federal Reserve, will begin raising interest rates in 2015. | It is widely anticipated that the US central bank, the Federal Reserve, will begin raising interest rates in 2015. |