Q3 economic growth fastest in 3 years

Washington

THE US economy grew faster than initially thought in the third quarter, notching its quickest pace in three years, as increases in business investment in inventories and equipment offset a moderation in consumer spending.

Gross domestic product (GDP) expanded at a 3.3 per cent annual rate in the third quarter, also boosted by a rebound in government spending, the Commerce Department said in its second estimate on Wednesday. That was the fastest pace since the third quarter of 2014 and a pickup from the second quarter's 3.1 per cent rate.