Investing.com - The U.S. economy grew more than expected in the third quarter, fuelling optimism over the outlook in the world’s largest economy, official preliminary data showed on Thursday.
In a report, the Commerce Department said gross domestic product grew at a seasonally adjusted annual rate of 3.5% in the three months ended September 30, above expectations for growth of 3%.
The U.S. economy expanded by 4.6% in the second quarter.
The data showed personal consumption rose 1.8% in the third quarter, slightly below expectations for a 1.9% gain, and compared to 2.5% in the preceding quarter. Consumer spending typically accounts for nearly 70% of U.S. economic growth.
The GDP price index rose by 1.3% in the third quarter, below expectations for a 1.8% increase and down from 2.1% in the preceding quarter.
EUR/USD was trading at 1.2569 from around 1.2582 ahead of the release of the data, while GBP/USD was at 1.5976 from 1.5982 earlier.
Meanwhile, the outlook for U.S. equity markets was downbeat. The Dow futures indicated a loss of 0.3% at the open, the S&P 500 futures pointed to a decline of 0.35%, while Nasdaq 100 futures shed 0.4%.
Elsewhere, in the commodities market, gold futures traded at $1,200.20 a troy ounce, compared to $1,202.50 ahead of the data, while crude oil traded at $81.46 a barrel from $81.48 earlier.