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The U.S. economy recorded its best quarter in a year as consumer spending and business investment lifted growth above expectations.
Real GDP growth was 3.4 percent in the third quarter, from 2.2 percent in the previous three-month period, according to Bureau of Economic Analysis data released on Oct. 29.
The Atlanta Federal Reserve downgraded its third-quarter estimate the day before the bureau’s report. The regional central bank’s widely watched GDPNow Model projected a 3.3 percent expansion, down from a peak above 6 percent in July.
The consensus estimate among economists had also penciled in growth of 3.2 percent.
Consumer spending surged 3.8 percent for the second consecutive quarter, the bureau said….
Real GDP growth was 3.4 percent in the third quarter, from 2.2 percent in the previous three-month period, according to Bureau of Economic Analysis data released on Oct. 29.
The Atlanta Federal Reserve downgraded its third-quarter estimate the day before the bureau’s report. The regional central bank’s widely watched GDPNow Model projected a 3.3 percent expansion, down from a peak above 6 percent in July.
The consensus estimate among economists had also penciled in growth of 3.2 percent.
Consumer spending surged 3.8 percent for the second consecutive quarter, the bureau said….
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