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U.S. Economic Growth Revised Up to 3.5% Pace in Third Quarter

Bloomberg business news

U.S. Third-Quarter GDP Revised Higher to 3.5%

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The U.S. economy expanded more than previously reported last quarter on bigger contributions from a range of factors including services spending, intellectual property and construction by state and local governments.

Gross domestic product rose at a 3.5 percent annualized rate in the three months ended in September, compared with a prior estimate of 3.2 percent, Commerce Department figures showed Thursday. The median forecast in a Bloomberg survey called for a 3.3 percent gain.