The gross domestic product, the country’s total output of goods and services, expanded at a healthy 3.9 percent annual rate in the July-September period, the Commerce Department reported Tuesday. That’s a notable jump from its first estimate of 3.5 percent. The revision was propelled higher by more robust consumer and business spending.
Together with a 4.6 percent surge in the spring, the country has recorded its biggest back-to-back quarterly performance since 2003.
“The question of whether the economy is accelerating or will accelerate is no longer a question; we can say somewhat definitively that the economy has already accelerated,” said Dan Greenhaus, chief strategist at BTIG, in a research note.
In contrast, other advanced economies are struggling.
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Articles by Korea Herald