The first estimate of third quarter real GDP growth in the US was released yesterday. It showed the US economy expanded by an annualised rate of 4.9%. The Financial Times called this a “blistering pace that, not for the first time, defied gloomier predictions from economists.” US Treasury Secretary Janet Yellen commented that “It’s a good, strong number and it shows an economy that’s doing very well,” and she is “not expecting growth at that pace to continue, but we do have good, solid growth.”

US economy expanding?