US Q3 GDP growth soars past expectations

US GDP was 3.5% in the third quarter of 2014, significantly higher than the 3% consensus figure forecast by economists.

This is the fourth quarter out of the past five in which the US has seen growth of more than 3%. However, the figure represents a decrease from the second quarter, when growth was 4.6%. The Commerce Department said the growth was driven by solid gains in business investment and export sales as well as an increase in military spending. At the start of the year, bad weather caused the economy to decline by 2.9%, but the third quarter figures will reassure investors the economy is back on track. The figures come as the US adjusts to life without quantitative easing, the US Federal ...