The U.S. economy grew faster than initially thought in the third quarter, notching its best performance in two years, buoyed by strong consumer spending and a surge in soybean exports.
U.S. consumer spending regained momentum in January as households ramped up purchases of a variety of goods, in a hopeful sign that economic growth was picking up after slowing to a crawl at the end of 2015.
A gauge of U.S. consumer spending rose solidly in November, suggesting enough momentum in the economy for the Federal Reserve to raise interest rates next week for the first time in nearly a decade.
Best Buy Co Inc forecast a revenue decline for the crucial holiday quarter and reported lower-than-expected quarterly sales due to weak demand for mobile phones, tablets, repair services and warranties.
