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U.S. Economy Grew Faster Than Expected
America's gross domestic product expanded at a 2.7% annual rate in third quarter of this year, up from the 2% growth the Dept. of Commerce previously estimated.
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America's gross domestic product expanded at a 2.7% annual rate in third quarter of this year, up from the 2% growth the Dept. of Commerce previously estimated.
Much of the increase resulted from an upward adjustment to inventory restocking.
But the Commerce Dept. lowered its estimate of third-quarter consumer spending to 1.4% from the previously reported 2% gain. The new figure marks the smallest advance in more than a year.
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