US third quarter beats all estimates

THE US economy roared ahead at an 8.2% annual rate in the third quarter, the fastest pace in nearly two decades and much stronger than previously thought.

The revised gross domestic product (GDP), released by the Commerce Department, was a full percentage point higher than the 7.2% growth rate estimated a month ago.

The new estimate, based on more complete data, reflected stronger investment by business on new equipment and software, less severe cuts in companies' inventories and more brisk spending on residential projects.