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US economy grows faster than expected in third quarter

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The US economy expanded at an annual pace of 3% during the three months to the end of September, which was stronger than expected.

Analysts had expected a sharper slowdown after back-to-back hurricanes battered several states in the quarter.

In the previous quarter, the Commerce Department said the economy had grown at an annual pace of 3.1%.

Storms caused a drop in investment in homebuilding in the third quarter, but inventories and consumer spending rose.

The Commerce Department said it could not measure all the losses caused by the storms.

But it estimated that storm-related damage to fixed assets, such as homes and government buildings, totalled more than $131bn (£100bn).

It also said it expected the government and insurers to pay more than $100bn in insurance claims, with foreign companies accounting for more than $17.4bn.


Source: BBC