Third-Quarter Economic Growth Revised Upward
Excerpt:Better than expected: Economic growth was higher in the third quarter than first thought. Here, a worker at a Ford plant in Michigan plugs a batter into a Ford C-MAX plug-in hybrid vehicle. Better than expected: Economic growth was higher in the third quarter than first thought. Here, a worker at a Ford plant in Michigan plugs a batter into a Ford C-MAX plug-in hybrid vehicle. Bill Pugliano/Getty Images The U.S. economy grew at a 2. 7 percent annual rate in the third quarter, the Bureau of Economic Analysis says. That's a sharp upward revision in its estimate of gross domestic product growth from mid-summer into the fall. In its first look at the quarter's GDP, the agency estimated growth at a 2 percent annual rate. According to BEA, consumer spending, inventory investment, exports and federal spending all contributed to growth from July 1 through Sept. 30.
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Gross domestic product grew at a 2.7 percent annual rate, the government says. Not only is that a sharp upward revision from the previous estimate, it's also growth at twice the rate of the second quarter.
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Third-Quarter Economic Growth Revised Upward
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