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Latest growth figures show US economy is on firmer footing


economy

Latest growth figures show US economy is on firmer footing

Revised economic growth figures show that GDP in the United States expanded at its fastest pace in almost two years between July and September.

It was up by 4.1 percent from the same period a year earlier, underscoring why the Federal Reserve felt able to start reducing its stimulus programme.

This was the third and final estimate from the Commerce Department; previously it had calculated that annualised growth was 3.6 percent.

As well as business spending being stronger than previously thought, consumer spending, which accounts for more than two-thirds of US economic activity, was revised up, reflecting increased purchases of both goods and services.

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