The U.S. economy grew approximately 3.1 percent in the third quarter, according to data released by the Commerce Department. The rate of the U.S. economic growth in the period exceeded analysts’ estimates. Despite the surprising result, analysts believe that the final quarter of the year will report weaker result due to the looming fiscal cliff.
The U.S. economy grew at 1.7 percent in the second quarter (April – June) and the growth was slightly faster than initially estimated, according to data published by the U.S. Commerce Department. However the 1.7 annual rate in the second quarter suggests that the growth will stay weak in the second half of 2012.