US growth heated up more than initially thought in the third quarter, while a key measure of housing prices surpassed its pre-recession peak, in the latest sign that Donald Trump will inherit a brightening economy.
The world’s biggest developed market grew at an annualised rate of 3.2 per cent in the third quarter, according to a second reading of gross domestic product from the commerce department. That compares with Wall Street estimates of 3 per cent and an initial reading of 2.9 per cent.
The data released yesterday confirm that the economy expanded in the third quarter at the fastest rate in two years, representing a sharp pick-up from the 0.8 per cent and 1.4 per cent pace logged in the first and second quarters.
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