Fed policymaker downplays strong Q3 U.S. GDP reading
FORT LAUDERDALE, Fla
FORT LAUDERDALE, Fla Dec 5 (Reuters) - U.S. economic growth was strong in the third quarter but it "doesn't make a trend" and doesn't suggest the United States has had a breakout in growth, a top U.S. central banker said on Thursday.
A fresh reading on Thursday showed gross domestic product grew at a 3.6 percent annual pace in the latest quarter, up from a previous reading of 2.8 percent and the biggest jump since the beginning of last year.
"The strong third quarter doesn't make a trend and ... doesn't drive me to the conclusion that we've had a breakout in terms of growth," said Atlanta Fed President Dennis Lockhart, citing "pretty low" ongoing estimates for fourth-quarter growth.
"I am not prepared to interpret the revised third-quarter number as an indication that the economy is on a much stronger track - I think we're still on that relatively moderate growth track."
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