It expanded at an annualised rate of 3.9% between July and September, up from the 3.5% first estimated by the Bureau of Economic Analysis.

 

The rise, which follows a strong second quarter, means the US has seen its strongest two consecutive¹ quarters of growth for a decade.

 

Consumer spending was the biggest driver of the raised estimate.

 

It grew by 2.2% according to the latest estimate, which was higher than the initial calculation of 1.8%.

 

Consumer spending is closely watched as it accounts for 70% of US gross domestic product (GDP).

 

 

The data suggests the US has shrugged² off the slow start to the year when heavy snow saw the economy shrink.

 

"The question of whether the economy is accelerating or will accelerate is no longer a question; we can say somewhat definitively³ that the economy has already accelerated," said Dan Greenhaus, chief strategist at BTIG.

 

Meanwhile, a separate survey, showed US house prices rose by more than expected in September.

 

The closely-watched S&P/Case Shiller index jumped 4.9% year-on-year.

 

The index, which measures single-family home prices in 20 cities, showed that prices were up 0.3% month-on-month on a seasonally⁴ adjusted basis.

 

"With the economy looking better than a year ago, the housing outlook for 2015 is stable to slightly better," said David Blitzer, chairman of the index committee at S&P Dow Jones Indices.

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