WASHINGTON — The U.S. economy grew at an annual pace of 3.3 per cent from July through September, the fastest in three years.
The government says third-quarter growth exceeded the 3 per cent expansion it had initially reported.
The performance, achieved despite two devastating hurricanes, marked the fastest expansion in gross domestic product — the broadest gauge of economic output — since a 5.2 per cent annual spurt in the third quarter of 2014.
The third-quarter numbers marked an improvement on second-quarter growth of 3.1 per cent.
Business investment increased at a 7.3 per cent annual pace from July through September, biggest pickup since the end of 2016. But consumer spending, which accounts for 70 per cent of U.S. economic output, grew at an annual pace of just 2.3 per cent, down from 3.3 per cent in the second quarter.