WASHINGTON – The U.S. economy in the third quarter grew at the strongest pace in two years, with a revised report showing stronger consumer spending than first estimated.
The Commerce Department says the gross domestic product, the country's total output of goods and services, expanded at an annual rate of 3.2 percent in the July-September period. That is up from a previous estimate of 2.9 percent.
The revision was significantly better than the meager gains of 0.8 percent in the first quarter and 1.4 percent in the second quarter when the economy was being held back by a strong dollar and weak business investment.
The 3.2 percent increase was expected to be the best showing for the year. Economists believe growth has slowed to around 2 percent in the current quarter.