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US economy grew more than expected in the third quarter

The US economy grew by 2.6 percent on an annualized basis in the third quarter of the year.

While the US economy grew by 2.6 percent in the third quarter as the foreign trade deficit continued to narrow, this growth may present an overly optimistic picture regarding the state of the economy at a time when interest rate hikes put pressure on consumer spending.

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US leading gross domestic product (GDP) grew more than expected in the third quarter, increasing 2.6 percent compared to the same period last year.

Economists had predicted that the US economy would grow 2.4% in the third quarter.

The U.S. economy contracted 0.6 percent year-on-year in the second quarter. According to leading GDP data, the US economy grew for the first time in two consecutive quarters of contraction.

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