US GDP Grows at 3.5% Rate in Q3

• US GDP Grows at 3.5% Rate in Q3

The world’s largest economy, U.S., remained strong throughout the third quarter.

The economy grew at an unrevised rate of 3.5 percent, according to the Commerce Department data released on Wednesday. Same as projected by economists.

Consumer spending, which accounts for 70 percent of the economy, grew at 3.6 percent rate, revised down from the 4 percent previously reported.

Business investment grew stronger than initially reported, according to the report. The nonresidential fixed investment, which includes spending on equipment, structures and intellectual property – expanded at 2.5 percent rate, upwardly revised from a 0.8 percent previously announced.

This was after the economy grew at a 4.2 percent rate in the second quarter, making it the best back to back quarters in four years.

Also, the report showed that corporate pretax earnings grew 10.3 percent from a year ago, the highest in the last six years. Gross domestic income rose to a four-year high of 4 percent.

The US dollar remained steady across board as investors await the Fed speech later today.