US economy expanded at brisk 3.3 pct. pace in third quarter
WASHINGTON — Led by a rise in business investment, the U.S. economy grew at an annual pace of 3.3 per cent from July through September, its fastest rate in three years.
The Commerce Department estimated Wednesday that third-quarter growth exceeded the 3 per cent annual expansion for the period that it had initially reported last month.
The performance, achieved despite damage from two devastating hurricanes, marked the fastest expansion in gross domestic product — the broadest gauge of economic output — since a 5.2 per cent annual spurt in the third quarter of 2014.
The estimated growth for the July-September quarter marked an improvement on 3.1 annual growth in the second quarter and a 1.2 annual pace in the January-March quarter.