Economic activity in the U.S. increased by more than previously estimated in the third quarter, the Commerce Department revealed in a report on Thursday.
The Commerce Department said gross domestic product climbed by 3.5 percent in the third quarter, reflecting an upward revision from the previously reported 3.2 percent increase.
Economists had been expecting the report to show a more modest upward revision to the pace of GDP growth to 3.3 percent.
With the upward revision, GDP increased at its fastest pace in two years, much faster than the 1.4 percent growth seen in the second quarter.
The report said consumer spending climbed by an upwardly revised 3.0 percent in the third quarter compared to the previously reported 2.8 percent increase.
The upward revision to the pace of GDP growth also reflected upward revisions to non-residential fixed investment and state and local government spending.
A reading on core consumer prices, which exclude food and energy prices, showed that the pace of price growth slowed to 1.7 percent in the third quarter from 1.8 percent in the second quarter.
by RTT Staff Writer
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