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November 30, 2016

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Q3 growth revised upward to 3.2%

THE world’s largest economy grew even faster than initially thought in the third quarter, based in large part on a jump in spending, the US Commerce Department said yesterday.

According to a revised GDP report, the economy grew at an annual rate of 3.2 percent, three-tenths higher than the initial estimate published last month, which was already the fastest rate in two years.

A consensus analyst forecast had called for a more modest upward revision to 3 percent, from the 2.9 percent initial estimate.

The results showed an even more emphatic upswing at the start of the second half of 2016. Anemic growth in the first half helped convince US monetary policy-makers to forego a planned course of interest rate hikes during the year.

However, the US Federal Reserve is widely expected to increase rates from their historically low levels when it meets next month.


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