US economy grows 3.9%
Print Edition
THE US economy grew at a solid 3.9 percent annual rate in the July-September quarter, even faster than first reported, giving the country its strongest six months of growth in over a decade.
The third-quarter growth rate climbed from an initial estimate of 3.5 percent because of greater spending by consumers and businesses, the Commerce Department said yesterday. The figure followed a 4.6 percent surge in the spring, which resulted in the biggest consecutive quarters of growth since 2003.
Analysts believe momentum could slow to around 2.5 percent in the current quarter but then accelerate again in 2015. They expect growth of around 3 percent — a sustained acceleration in activity six years after the Great Recession.
“The question of whether the economy is accelerating or will accelerate is no longer a question; we can say somewhat definitively that the economy has already accelerated,” said Dan Greenhaus, chief strategist at BTIG.
The economy as measured by the gross domestic product — the country’s total output of goods and services — has been on a roller coaster this year. It started with a steep slide in activity in the first three months of the year when GDP contracted at a 2.1 percent rate, largely due to a severe winter.
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