U.S. Third-Quarter Growth Revised to Three-Year High of 3.3%

(Worthy News) – The U.S. economy’s growth rate last quarter was revised upward to the fastest in three years on stronger investment from businesses and government agencies than previously estimated, Commerce Department data showed Wednesday.

The latest results for GDP, the value of all goods and services produced, show the economy withstood major hurricanes to reach a more solid footing as it entered the final stretch of the year, thanks to stronger business spending that’s helping cushion a softer pace of consumption.

Federal Reserve Chair Janet Yellen said Wednesday, just before the GDP report, that the expansion is “increasingly broad based across sectors as well as across much of the global economy.” [ Source: Bloomberg (Read More…) ]