The U.S. economy grew 2.9 percent in the 3rd quarter of 2016, according to an advanced estimate released today by the Bureau of Economic Analysis, higher than the 2.5 percent consensus estimate from briefing.com.
During the 2nd quarter of 2016, the U.S. economy grew 1.4 percent in the final reading while 1st quarter GDP rose just 0.8 percent.
In 2015 U.S. GDP expanded 2.6 percent.
Stronger U.S. GDP data combined with improving labor and inflation data makes it more likely that policymakers at the Federal Reserve will decide to raise rates at their December policy meeting.
Next Friday the October non-farm payroll report is released on Friday.