The US economy grew in the third quarter with a stronger pace compared to the previous assessment

The US economy grew in the third quarter with a stronger pace compared to the previous assessment, thanks to a better increase in consumer spending and business investment during the period from July to September.
Gross Domestic Product of the US, which is the most common measure of the production of goods and services, increased in the third quarter by 3.5% yoy in the previous estimate of growth by 3.2 percent. This is the most solid expansion of the US economy for two years after its anemic performance in the first half, as the average forecasts of financial markets were for more modest upward revision for growth by 3.3%.
The solid economic growth in the third quarter is due to stronger growth in consumer spending and better business investment in construction and intellectual property.
The costs of US consumers who are the main driver of economic expansion, increased in the third quarter by 3.0% instead of 2.8%, according to previous evaluation, but after their strong growth by 4.3% in the second quarter. Let me recall that the domestic consumption forms more than two-thirds of the growth of the leading economy in the world.
Business investment in non-residential construction rose by 1.4%, which is far above the previous estimate for their anemic increase by 0.1%, while investments in infrastructure grew by 12% and intellectual property - by 3.2%. Investment in residential construction, however, narrowed in the third quarter by 4.1%.
One of the main generators of economic growth in the third quarter is the increased exports by 10.0% after an increase by only 1.4% in the previous quarter, this represents the most robust growth in exports in nearly three years. At the same time, imports rose by 2.2% after an anemic increase by 0.2 percent in the three months, ending in June.