The US economy grew faster than expected by 3.1 per cent in the third quarter, according to the latest revision by the commerce department, putting it in a stronger position to withstand any shock from the looming fiscal cliff.
The figure was higher than the 2.7 per cent annualised growth previously estimated for the third quarter, and far more than the 1 per cent growth rate that was originally calculated by the commerce department two months ago.
The upward revision followed higher net exports, as well as support from consumer and government spending.
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