Final US third-quarter growth was 3.2 percent

The US economy grew 3.2 percent on an annualized basis in the third quarter. The earlier forecast was announced as growth of 2.9 percent.

During this period, expectations were for growth of 2.9 percent.

The US economy contracted in the first and second quarters on an annualized basis. While the contraction was 1.5 percent in the first quarter, there was a 0.6 percent contraction in the second quarter.

CLAIMS FOR UNEMPLOYMENT BENEFITS BELOW EXPECTATIONS

US jobless claims, on the other hand, came in below expectations at 216,000 in the week ending December 17.

Economists had forecast jobless claims to hit 222,000.

According to seasonally adjusted data released by the US Department of Labor, the number of claims previously announced as 211,000 for the week of December 10 was revised to 214,000.

The four-week average of US jobless claims, believed to be a better indicator of US labor market trends, fell to 221,750.

The total number of people who benefit from unemployment benefits in the US decreased to 1 million 672 thousand in the week of December 10.