US economy grew at brisk 35 pct annual rate last quarter

first_imgWASHINGTON — The U.S. economy expanded at a solid 3.5 per cent annual rate in the July-September quarter, led by lower but still strong consumer spending and more business investment than previously estimated.The Commerce Department’s figure for gross domestic product, the broadest measure of the nation’s output of goods and services, was the same as its first estimate last month. Greater corporate investment offset downward revisions in spending by state and local governments and consumers.The third quarter figure follows a robust expansion of 4.2 per cent in the April-June quarter. Six months of healthy growth have put the U.S. economy on track to expand in 2018 at its fastest pace in 13 years. Still, economists forecast that growth will slow in the fourth quarter and decelerate further next year.Christopher Rugaber, The Associated Presslast_img