US economy grows faster than first forecast

The US economy grew much faster in the third quarter than first reported, official figures have shown.

It expanded at an annualised rate of 3.9% between July and September, up from the 3.5% first estimated by the Bureau of Economic Analysis.

The rise, which follows a strong second quarter, means the US has seen its strongest two consecutive quarters of growth for a decade.

Consumer spending was the biggest driver of the raised estimate.

It grew by 2.2% according to the latest estimate, which was higher than the initial calculation of 1.8%.

Consumer spending is closely watched as it accounts fo

US economy adds 142,000 jobs in August

The US economy added 142,000 jobs in August, latest figures from the Bureau of Labor Statistics reveal, missing expectations.

The unemployment rate dipped to 6.1% from 6.2% in July.

The world's largest economy had been averaging a monthly jobs gain of 212,000 in the previous 12 months.

Part of the sluggish jobs growth was attributed to a loss of 17,000 food and beverage jobs as a result of a supermarket store strike.

Thousands of employees of the Market Basket chain of supermarkets in the northeastern US had gone on strike in July to protest the

US economic growth revised upwards

The US economy grew at an annual rate of 4.2% in the second quarter of the year, according to revised figures from the US Department of Commerce.

The revision upwards from 4.0% reflected stronger business spending and exports.

It was the fastest pace of growth since the third quarter of 2013.

A separate report from the US Labor Department showed the number of people applying for unemployment benefits fell by 1,000 to 298,000 last week.

Economists polled had expected the pace of US growth to be revised down to

Fed chief Yellen says slack remains in US jobs market

US Federal Reserve chair Janet Yellen has said there is still "remaining slack in the labour market".

It was understated by the unemployment rate, at 6%, she said.

She called for the slack to be "more nuanced" in the way it was assessed, due to "considerable uncertainty" about the level of employment.

Speaking to an annual Fed conference in the mountain resort of Jackson Hole, Wyoming, she also remained relaxed about the low interest rate policy.

Ms Yellen said the

US economy adds 288,000 jobs in June

The US economy added 288,000 jobs in June, latest figures from the Bureau of Labor Statistics have shown.

The unemployment rate dropped to 6.1%, its lowest level since September 2008.

That figure beat analysts' expectations and is an encouraging sign after disappointing growth in the first quarter of 2014.

The strong report sent the Dow Jones Industrial Average above 17,000 for the first time as investors cheered the news.

Economists blamed harsh winter weather for a 2.9% annualised decline in

Yellen strongly defends easy Fed policies, cites U.S. labour slack

Federal Reserve Chair Janet Yellen, on Monday said that given the halting pace of the recovery and a still moribund job market, the Federal Reserve will continue to bolster the U.S. economy

She also gave a strong defence of the central bank’s easy-money policies on Monday, saying its “extraordinary” commitment to boosting the economy, especially the still struggling labour market, will be needed for some time to come.

In her first public speech since becoming Fed chair two months ago, Yellen cited the struggles of three American workers in backing the policies of low interest rates and continued bond-buying. She said there remains