By Akin Oyedele
The US economy grew at a faster rate than expected in the July-September quarter, according to the Commerce Department's advance report released on Friday.
Gross domestic product, the value of every good and service produced within the country, increased at an annualized rate of 3.5%; economists had forecast 3.3% growth according to estimates compiled by Bloomberg. The third quarter marked the strongest back-to-back quarters of growth for the US in four years.
A healthy jobs market with the lowest unemployment rate in 49 years, coupled with strong consumer confidence, supported consumer spending, the biggest driver of the US economy. Personal consumption increased at a 4% rate, the strongest since 2014. Read more.