FINANCIAL TIMES: The US economy grew at a faster clip than expected of 3.1 per cent in the third quarter, according to the latest revision by the commerce department, putting it in a stronger position to withstand any shock from the looming fiscal cliff.
The figure was higher than the 2.7 per cent annualised growth previously estimated for the third quarter, and far more than the 1 per cent growth rate that was originally calculated by the commerce department two months ago…
Economists were comforted by the data – which showed the US economy growing at its fastest since late 2011 – but cautioned that it was unlikely to last long. “This revision was a healthy one, driven by final sales, not inventories,” said Nigel Gault, chief US economist at IHS Global Insight. “But it overstates the economy’s momentum, and we expect growth of just below 1 per cent in the fourth quarter.”… (more)
