WASHINGTON – The U.S. economy grew at a slightly faster rate in the summer than previously reported, largely because of a less severe slowdown in businesses stockpiling.
The Commerce Department says that the overall economy as measured by the gross domestic product grew at an annual rate of 2.1 percent in the July-September period. That is better than a previous estimate of 1.5 percent growth.
Even with the revision, economic growth slowed sharply from a 3.9 percent gain in the second quarter. The economy then was rebounding from a harsh winter that had slowed first quarter growth to a barely discernible 0.6 percent pace.
Economists are forecasting that growth will accelerate to around 2.5 percent in the current quarter as a healthy labor market and falling gas prices fuel stronger consumer spending.