The US economy grew by 3pc in the third quarter of the year, overcoming fears that hurricanes Irene and Harvey would push its expansion down to an annualised rate of 2.6pc.

The initial estimate of GDP is barely down from the 3.1pc rate recorded in the previous three-month period.

The US has now experienced its strongest consecutive quarters of growth since 2014.

Paul Diggle, senior economist at Aberdeen Standard Investments, said: “What this really tells us is that the US economy hardly skipped a beat after the recent hurricanes.”