U.S. economic growth revised up to 3.3 pct in Q3

WASHINGTON, Nov. 29 (Xinhua) -- U.S. economy expanded at an annual rate of 3.3 percent in the third quarter of the year, slightly higher than 3 percent previously estimated, the Department of Commerce reported on Wednesday.

"Nonresidential fixed investment, state and local government spending, and private inventory investment were revised up from the prior estimate," the department said in a report, adding the general picture of economic growth remains the same in the quarter.

The revised gross domestic product (GDP) data also showed that U.S. economy in the July to September period grew at the fastest pace in three years, despite disruptions caused by hurricanes Harvey and Irma along the Gulf Coast in late August and September.

"The economic expansion is increasingly broad based across sectors as well as across much of the global economy," Federal Reserve Chair Janet Yellen said Wednesday before the Joint Economic Committee of U.S. Congress.

"I expect that, with gradual adjustments in the stance of monetary policy, the economy will continue to expand and the job market will strengthen somewhat further, supporting faster growth in wages and incomes," she said.

Wednesday's report also confirmed the fact that U.S. economy had expanded above 3 percent in back-to-back quarters for the first time since 2014. The strong economic growth is likely to bolster market expectations for another rate hike by the Fed in December.

The minutes of the Fed's latest policy meeting released last week showed that many Fed officials thought another rate hike "was likely to be warranted in the near term if incoming information left the medium-term outlook broadly unchanged."

The Fed will hold its next policy meeting on Dec. 12-13. Enditem