U.S. economy grew 2.9 percent in the third quarter

Tom Hinde

Figures released today by the Commerce Department indicate the U.S. economy is picking up steam after a slow first half of the year. As reported earlier, the economy in the second quarter of 2016 had grown at a disappointing annual pace of just 1.4 percent. Economists had forecast 2.6 percent growth in the third quarter.

The rebound was buoyed by exports, business purchases to rebuild inventories and consumer spending. The report comes just days before many Americans go to the polls in the presidential election.