A second estimate of third-quarter GDP showed the US economy grew at a 3.3% annualized rate. That was stronger than the 3.2% growth that Wall Street economists surveyed by Bloomberg were expecting and an improvement from October’s advanced reading of 3%.
The US economy has registered growth of at least 3%, President Donald Trump’s stated target, in each of the last two quarters. The 3.1% print for the second quarter, was the fastest pace of growth for the US economy in two years.
The data is likely going to be good enough to keep the Federal Reserve on track to raise rates at its December meeting. Ahead of the report, there was a 95.9% chance a rate hike will happen at the December meeting, according to Bloomberg’s world interest rate probability data.