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U.S. Economy Expanded 3.9% in Third Quarter
America's economy, which grew 4.6% in the second quarter, expanded by an upwardly revised 3.9% in July-September, according to the U.S.
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America's economy, which grew 4.6% in the second quarter, expanded by an upwardly revised 3.9% in July-September, according to the U.S. Bureau of Economic Analysis.
The two-quarter rise in the country's gross domestic product reverses a 2.1% contraction in January-March. Economists expect full-year expansion of 2.2% in 2014, equal to the growth in GDP last year.
The BEA says third-quarter results were aided by a 2.2% increase in consumer spending, which accounts for about 70% of the U.S. gross domestic product. Other contributors were increases in exports, housing and government spending.
The price index for gross domestic purchases, which rose 2% in the second quarter, increased by a revised 1.4% in the third quarter, according to the BEA. When volatile food and energy are ignored, the index climbed 1.6% compared with 1.7% in the second quarter.
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