U.S. economy growing faster than predicted

The US economy grew at a faster pace than expected in the third quarter.

CNN— The US economy grew at a faster pace than expected in the third quarter.

According to the Commerce Department, the US gross domestic product grew at an annual pace of 3.2% between July and September which is higher than the 2.9% estimate a month ago.

The figure is a sign the Federal Reserve’s interest rate hikes mean to cool the economy and fight inflation are having only a limited impact.