The US economy grew in the third quarter at a much faster pace than expected. This is what emerges from the preliminary reading of the data released by the US Department of Commerce, according to which the GDP jumped 2,9%, after the +1,4% of the final reading of the previous three months.
The data is better than analyst forecasts, who were expecting growth of 2,5%. In the first quarter, the figure had risen by 0,8%, gradually decreasing from +1,4% in the fourth quarter of 2015.
Third quarter labor cost data was also released today, which results grown in line with forecasts. The figure, released by the Labor Department, rose by 0,6%, in line with analysts' forecasts. The figure had also risen by the same percentage in the previous two quarters. Wages and compensation, which represent about two-thirds of labor costs, increased by 0,5%, while benefits rose by 0,7%.
