US economy grew faster than expected

The US economy grow at a much faster pace than initially thought in the third quarter, pointing to strengthening fundamentals that should help it weather slowing global demand.

The Commerce Department yesterday raised its estimate of gross domestic product to a 3.9% annual pace from the 3.5% rate reported last month, reflecting upward revisions to business and consumer spending, as well as restocking.

The performance marked the two strongest back-to-back quarters of growth since the second half of 2003 and underscored the economy’s resilience against the backdrop of a recession in Japan and slowing growth in China and the eurozone.