The U.S. economy expanded at a 2.9% annual rate from July through September compared with the same time a year ago — the fastest economic growth in two years.
It was the last reading on economic growth before the election, and it came as welcome news: Growth was sluggish in the first half of the year, averaging just above 1%.
“This shows that the U.S. is roughly on track. It’s a natural bounce back following a pretty underwhelming year so far,” says Luke Bartholomew, fixed income investment manager at Aberdeen Asset Management.
While the economy gained momentum in the third quarter, growth this year comes in at 1.7% — still slow compared with historical standards.