FINANCIAL TIMES: …The figure came in well ahead of analyst expectations for a downward revision, from the first reading of 3.5 per cent, to 3.3 per cent. It follows a 4.6 per cent pace of growth in the second quarter as the US economy records a robust performance this year.
“This is a pleasingly broad-based surprise,” said Ian Shepherdson at Pantheon Macroeconomics in New York. “We doubt [gross domestic product] growth can be sustained at the third quarter pace, but we do think the trend has shifted higher.”
Higher inventories contributed an extra 0.45 percentage points to the revision but that was offset by a 0.5 percentage point cut to net exports, showing the impact of slower growth in the rest of the world… (more)
