Strong consumer spending, surge in soyabean exports boost Q3 economic performance
Washington
THE United States economy grew faster than initially thought in the third quarter, notching its best performance in two years, buoyed by strong consumer spending and a surge in soyabean exports.
Gross domestic product (GDP) increased at a 3.2 per cent annual rate instead of the previously reported 2.9 per cent pace, the Commerce Department said in its second GDP estimate on Tuesday. Growth was the strongest since Q3 of 2014 and followed the second quarter's anaemic 1.4 per cent pace.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Microsoft bets big on South-east Asia, pledges billions in AI and cloud investments
Putin plans to meet Xi in China days after his new term starts
Biden vetoes bid to repeal US labour board rule on contract, franchise workers
Economic leaders of South Korea, Japan, China say FX volatility is a risk
US automakers win extension on use of Chinese graphite in EV tax credits
US service sector contracts in April; price pressures up