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US GDP revised up to 3.9% in third quarter

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The US economy grew at an annual rate of 3.9 per cent in the third quarter of the year, according to the second estimate from the Department of Commerce.

The revised estimate, published today, points to higher GDP growth than the 3.5 per cent first estimate reported last month.

The increase reflects a less significant fall in private inventory investment than expected, and higher personal consumption expenditures and non-residential fixed investment than previously reported.

In Q2, the US economy grew by 4.6 per cent, making growth over the six months to end of September the strongest since 2003.

The six-month growth spurt follows a 2.9 per cent contraction in Q1, which was blamed on a period of bad weather which affected the country at the start of the year.

US stock futures rose following the release of the data, with S&P 500, Nasdaq and Dow Jones futures all up 0.2 per cent.

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