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US Q3 GDP: 3% is the new 2%
The US economy continued growing at strong pace in Q3, with GDP growth coming in at 2.8% q/q annualized, very close to consensus expectations of 2.9% and a couple of ticks below last quarter’s 3.0% increase. The pickup in growth was driven by consumption again, which came in at scorching 3.7% (+2.5pp contribution) compared to expectations of 3.3% and the government component at 5.0% (+0.9pp). Business investment growth slowed a bit at 3.3% (+0.5pp) compared to the 4% average over the past three quarters because of softness in structures and IPP investment, but equipment investment was very strong growing at over ... (full story)