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U.S. Economic Growth Picks Up Speed
America's economy expanded at an annualized rate of 3.6% in the third quarter of 2013 compared with 2.5% in April-June, according to the U.S.
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America's economy expanded at an annualized rate of 3.6% in the third quarter of 2013 compared with 2.5% in April-June, according to the U.S. Dept. of Commerce. The department's initial growth estimate for the period was 2.8%.
But growth in consumer spending, which accounts for about two-thirds of the country's economic, slipped to an annualized 1.4% the slowest pace in nearly four years from 1.8% in the second quarter.
The Commerce Dept. says most of the third-quarter improvement was driven by companies replenishing inventories. Other contributing factors were a decline imports and increased spending by state and local governments.
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