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
Beijing city to subsidise domestic AI chips, targets self-reliance by 2027
China passes tariff law as tensions with trading partners simmer
Blinken meets Chinese counterpart Wang Yi in Beijing
South Korea’s public finances no longer a credit rating ‘strength’: Fitch
UK consumer confidence improves as inflation and taxes fall
Inflation in Japan’s capital falls below BOJ target, slows for second month