Economics
U.S. GDP Grows Above-Forecast 3.5% on Consumers, Inventories
- Nonresidential business investment rises least since 2016
- Boost from inventories more than offsets drag from trade
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The U.S. economy expanded at a 3.5 percent pace in the third quarter as consumers opened their wallets, businesses restocked inventories and governments boosted spending, marking the strongest back-to-back quarters of growth since 2014.
The annualized rate of gains in gross domestic product compared with the 3.3 percent median estimate in a Bloomberg survey and followed a 4.2 percent advance in the prior three months, according to Friday’s report from the Commerce Department.