NEWS
10/27/2017 04:32 EDT | Updated 10/27/2017 04:40 EDT

US economy grew at 3 per cent rate in July-September quarter

WASHINGTON — The U.S. economy, helped by strong business investment, grew at a solid annual rate of 3 per cent in the third quarter. It marks the first time in three years that growth has hit at least 3 per cent for two consecutive quarters.

The Commerce Department says the July-September advance in the gross domestic product — the country's total output of goods and services — followed a 3.1 per cent rise in the second quarter. It was the strongest two-quarter showing since back-to-back gains of 4.6 per cent and 5.2 per cent in the second and third quarters of 2014.

The economy accelerated this summer despite the impact of hurricanes Harvey and Irma, which many private economists believe shaved at least one-half percentage point off growth.