Economics
U.S. Third-Quarter GDP Revised Higher on Consumer Spending
- Economy grew at 3.2% pace after initial reading of 2.9%
- Household purchases rose at 2.8% pace after 2.1% estimate
People walk through The Shops at Columbus Circle mall in New York.
Photographer: Victor J. Blue/BloombergThis article is for subscribers only.
The U.S. economy expanded more than previously reported last quarter on a sunnier picture of household spending, the primary growth engine.
Gross domestic product rose at a 3.2 percent annualized rate in the three months ended in September, the fastest in two years, compared with an initial estimate of 2.9 percent, Commerce Department figures showed Tuesday. The median forecast in a Bloomberg survey called for a 3 percent gain.