Q3 growth is fastest in more than two years

Washington

THE US economy grew at its fastest pace in more than two years in the third quarter, powered by robust business spending, and is poised for what could be a modest lift next year from sweeping tax cuts passed by Congress this week.

Gross domestic product (GDP) expanded at a 3.2 per cent annual rate last quarter, the Commerce Department said in its third GDP estimate on Thursday.

While that was slightly down from the 3.3 per cent rate reported last month, it was t…