The US economy grew somewhat faster in the
third quarter, reaching an annual rate of 2 per cent, the Commerce
Department reported Friday in its initial estimate of gross domestic
The final estimate of second-quarter growth was an annualized 1.3 per cent.
The Commerce Department's Bureau of Economic Analysis attributed the faster pace of expansion to higher consumer spending, lower imports, increased housing construction and a jump in federal government spending.
Declines in exports and business investment and shrinking business inventories weighed on growth in the July-September period.
A survey by the Bloomberg news agency of 86 economists had produced an average forecast for the third-quarter growth of an annual rate of 1.8 per cent.
Most Popular Stories
- Rackspace Ends Talks About Possible Acquisition
- Mercedes Rolls Out S550 Plug-in Hybrid
- FedEx Adding 50,000 Holiday Jobs
- Plus-Size iPhones Live Up to The Hype
- Toxic Algae Threatens Florida Fishing, Tourism
- Missouri GM Plant Adding 750 jobs
- Cool Features on Today's New iOS 8
- Family Dollar Spurning Bid From Dollar General
- Kohl's Hiring 67,000 for the Holidays
- Poverty Rate Drops for First Time Since 2006