UPDATED:
10/27/2011 10:00:00 AM
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The U.S. economy rose at a 2.5% annual rate in the third quarter, the fastest pace in a year, the Commerce Department said Thursday.
The gross domestic product growth rate followed a 1.3% gain in the prior quarter.
The third-quarter rate matched economists’ estimates, Bloomberg reported.
Consumer spending, which accounts for about 70% of the economy, grew at a 2.4% rate.
Thursday’s third-quarter GDP figure was the first of three to be released by Commerce.
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