The US economy grew at an annualised rate of 2.1 per cent in the third quarter, up from an initial estimate of 1.5 per cent, according to new figures from the Bureau of Economic Analysis.

Weak demand overseas and a stronger dollar, which makes US products more expensive abroad, have affected US exporters. Exports of goods and services rose 0.9 per cent. Imports rose 2.1 per cent.


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Americans' pay is up, fewer people need unemployment aid, more are buying new homes and business spending is rebounding.

A flurry of data released Wednesday signaled that the fundamentals of the U.S. economy remain solid, if unspectacular, three weeks before the Federal Reserve will likely begin raising interest rates.

Consumers appear relatively confident in the economy and may be poised to spend a decent chunk of their rising incomes during the holiday shopping season. In addition, businesses are stepping up their investment in machinery and equipment, removing a persistent drag on the economy.

The steady consumer and business demand in the United States is powering the economy through economic pressures from overseas, which jolted financial markets during August and September and raised doubts about global growth.

With the U.S. job market on solid footing and wages beginning to rise, the Fed is widely expected to raise short-term rates in mid-December for the first time in nine years.

Wages and salaries jumped 0.6 percent in October, the Commerce Department said Wednesday, and data for the spring and summer was revised substantially higher. U.S. paychecks were 4.9 percent higher in October than they were a year earlier, a sizable gain. By contrast, in the first four years after the Great Recession ended in 2009, paychecks typically rose only about 2 percent to 3 percent.

"The extra growth in wage income is good news for retailers hoping for a strong holiday shopping season," said Jim O'Sullivan, chief U.S. economist at High Frequency Economics.

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