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Consumer spending boosts Q3 growth

Economy expands at revised 2 per cent annualised rate; payroll gains, cheap petrol are supporting Americans

Household purchases, which account for almost 70 per cent of the economy, rose at a 3 per cent annual pace, the same as previously estimated. Personal consumption added 2 percentage points to growth.


The US economy expanded at a revised 2 per cent annualised rate in the third quarter, buoyed by consumer spending as businesses struggled to sell to overseas customers battered by sluggish growth.

The gain in gross domestic product (GDP) followed a 3.9 per cent advance