Economic news

U.S. economy does better than predicted in third quarter

The economic growth of the United States pulled back less than analysts had predicted in the July-September period, due to the highest consumer spending of almost four years and a sharp rise in inventory investment, even though foreign sales of soybeans slumped due to tariffs.

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Annualized pace of GDP growth was at 3.5%, propped up by bigger governmental spending, yesterday’s report from the Commerce Department showed.

The expansion is also advancing on tax reductions worth $1.5 trillion. Such measures are a part of the U.S. administration’s plans aimed at lifting growth to steady 3%.

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