US Economy Defied Third Quarter Expectations
The American economy grew at a significantly faster clip than first expected, revised Commerce Department figures released today reveal. Growth domestic product saw a 3.9% increase, up from last month's reported 3.5% pace in a revision that bolstered increasing optimism in a broad revival. The economy has now enjoyed the two strongest consecutive quarters since 2003, with Q2 having posted a 4.6% gain and last quarter's surge easily outpacing economists' predictions of a 3.3% uptick. Residential RE construction was one sector that contributed to the overall upward revision. Reuters noted that the buoyant figures may raise the odds of an interest rate increase around the middle of next year.