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U.S. Economic Growth Adjusted Upward
The U.S. economy expanded by an annualized 3.5% in the third quarter of 2016, according to final figures from the Dept. of Commerce.
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The U.S. economy expanded by an annualized 3.5% in the third quarter of 2016, according to final figures from the Dept. of Commerce.
The department initially estimated growth for the period at 2.9%, then revised the figure to 3.2%. The economy expanded by 1.4% in April-June.
The upward adjustments were driven primarily by stronger-than-expected consumer spending, which accounts for about two-thirds of GDP. The Commerce Dept. says spending grew 3% in July-September, up from earlier estimates of 2.8% and 2.1%.
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