Economy Grows at 4% Pace in Third Quarter
he U.S. economy grew at a 4% annual rate in the third quarter, higher than the 3.9% clip previously estimated, the Commerce Department reported Wednesday.
This was the final calculation of gross domestic product, the value of all the goods and services produced, for the third quarter. A smaller trade gap accounted for most of the revision, Commerce said.
Consumer spending rose 5.1% at an annual rate last quarter, the same as estimated last month. It increased at a 1.6% pace from April through June.
Business fixed investment, which includes spending on commercial construction, rose at an 13% annual rate in the third quarter, compared with an earlier estimate of 12.9%.
The report also said the total amount of all goods and services produced rose to $10.9 trillion when adjusted for inflation.
