US Economy Sees Strong Q3 Expansion
The country continued to see robust economic growth in Q3, growing at its fastest pace in more than two years thanks to consumer and company spending.
On the Commerce Department’s second reading of the country’s economic growth Tuesday, GDP expanded at a 3.2% annual rate in Q3, up from the 2.9% initially reported last month.
That's the quickest the economy has grown since Q2 2014. Consumer spending—which accounts for two-thirds of the economy—was revised upward to 2.8% in Q3, MarketWatch reports.
GDP growth continues to reflect the Federal Reserve’s view that the economy is making slow yet steady progress toward recovery, and strong employment gains and wage increases will likely continue to drive economic growth—further signaling a rate increase come December. [MW]