US GDP beats expectations to rise 3.6pc
THE US economy expanded in the third quarter at a faster pace than initially reported, led by the biggest increase in inventories since early 1998. Consumer spending slowed.
Gross domestic product climbed at a 3.6pc annualised rate, up from an initial estimate of 2.8pc and the strongest since the first quarter of 2012, Commerce department figures showed in Washington.
The average forecast of 77 economists surveyed by Bloomberg predicted a 3.1pc gain.
The build-up in stockpiles risks limiting factory production without stronger demand.
Faster growth in household purchases, which grew at the slowest pace in almost four years, and a rebound in business investment would help companies justify increasing orders and adding workers. (Bloomberg)