US economic growth at fastest in 10 years

Washington

THE US economy grew last quarter at its fastest rate in over a decade, providing the strongest evidence to date that the recovery is finally gaining sustained power more than five years after it began.

Bolstered by robust spending among consumers and businesses alike, economic output rose at an annual rate of 5 per cent during the summer months, the Commerce Department said on Tuesday, a sharp revision from its earlier estimate of 3.9 per cent. The advance followed a second quarter where growth reached a rate of 4.6 per cent after a decline last winter that was exacerbated by particularly harsh weather.