As business investment and consumer spending picked up, the U.S. economy grew at a robust 3.9% pace in the third quarter, the Commerce Department said Tuesday.
Gross domestic product growth for July-September was revised from the initial estimate of a 3.5% annual rate, following 4.6% in the second quarter.
The number was unexpected; economists had predicted that the second official estimate for the quarter would be pared to 3.2%.
Contributing to the improved number was an upward revision to business inventory investment, especially in the wholesale trade and retail trade sectors.
Consumer spending, which accounts for about two-thirds of the GDP, was stronger than previously estimated, increasing 2.2%.
Copyright Agence France-Presse, 2014
Voice your opinion!
Voice your opinion!
