US economy gets double boost on growth and benefits

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The world's biggest economy advanced at an annual rate of 1.7%, ahead of the 1.6% previously estimated, after stronger consumer spending.

Initial claims for unemployment benefits fell 16,000 to 453,000 but the jobless rate still stands at 9.6%.

Wall Street on the rise as it reacted to the data today. S&P 500 futures rose 6.6 point, Dow Jones industrial average futures gained 53 points and Nasdaq 100 futures added 9.75 points.

Adding to the optimism was news that business activity in New York rose this month for the first time since May, according a survey by the Institute for Supply Management New York. The group's Chicago branch also reported growth for the Midwest.

The S&P 500 has gained over 9% so far this month, helped by signs of stabilisation in the economy and hopes the Federal Reserve will take extra steps to spur the recovery.