US Economy Grew 5.2% in Third Quarter, More Than First Estimated
- Business investment, government spending revised higher
- Growth in consumer outlays marked down on services spending
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The US economy grew at an even faster pace in the third quarter than originally estimated, reflecting upward revisions to business investment and government spending.
Gross domestic product rose at an upwardly revised 5.2% annualized pace in the third quarter, the fastest in nearly two years. Consumer spending advanced at a less-robust 3.6% rate, according to the government’s second estimate of the figures issued Wednesday.