Investing.com - The U.S. economy grew more than initially estimated in the third quarter, official revised data showed on Thursday, underlining the view that the U.S. economy is strong enough to warrant further interest rate hikes in 2017. The Commerce Department said gross domestic product grew at a seasonally adjusted annual rate of 3.5% in the three months ended September 30, up from a previous estimate of 3.2% and above expectations for a reading of 3.3%. Preliminary data initially pegged U.S. growth at 2.9% in the third quarter. The U.S. economy grew 1.4% in the second quarter. The report showed personal consumption rose 3.0% in the third quarter, above forecasts for 2.8% and up from an initial estimate of 2.7%. Consumer spending typically accounts for nearly 70% of U.S. economic growth. The GDP price index rose 1.4% in the third quarter, matching forecasts and unchanged from a preliminary reading. EUR/USD was trading at 1.0438 from around 1.0440 ahead of the release of the data, GBP/USD was at 1.2327 from 1.2339 earlier, while USD/JPY was at 117.80 from 117.70 earlier. The US dollar index, which tracks the greenback against a basket of six major rivals, was at 103.06, compared to 103.02 ahead of the report. Meanwhile, U.S. stock futures pointed to a modestly higher open. The Dow futures pointed to a gain of 5 points, or 0.02%, at the open, the S&P 500 futures indicated an increase of 2 points, or 0.06%, while the Nasdaq 100 futures tacked on 3 points, or 0.05%. Elsewhere, in the commodities market, gold futures traded at $1,130.75 a troy ounce, compared to $1,131.15 ahead of the data, while crude oil traded at $52.39 a barrel from $52.41 earlier.

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