The U.S. economy reported a more than forecast growth pace in the third quarter, providing positive signs on the economy as the coronavirus cases increased markedly in the fourth quarter.
The economy expanded 33.1% in the third quarter on annual basis, compared the previous quarter’s sharp contraction of 31.4%. Analysts had predicted a growth of 32.0%.
The growth was buoyed by strong growth in consumer spending by 40.7% at an annual pace, and exports soared 59.7%.
Regarding the quarter-on-quarter pace, it witnessed a growth of 7.4%, following a 9% contraction in the April-June quarter.
As of 13:00 GMT, the U.S. dollar strengthened to trade at 93.80, marking its highest level since October 16, set for its second consecutive daily gain.