US economy grows 2.8pc in Q3

The Commerce Department revealed on Wednesday that the US economy expanded 2.8% in the three months ended 30 September, in line with preliminary estimates, on the back of solid strong consumer spending and increased exports.

Q3's GDP reading was down from Q2's rate of 3% but still seemed to indicate that the US economy proved to be surprisingly durable throughout the period.

The Commerce Department made slight downward revisions to consumer spending, government outlays and exports had been offset by upgrades to private inventory accumulation, business investment, as well as state and local government spending.

Consumer spending, which makes up more than two-thirds of economic activity, grew at a 3.5% clip in Q3.

Reporting by Iain Gilbert at Sharecast.com