11/23/2010 8:45:00 AM
The U.S. gross domestic product rose at a 2.5% annual rate in the third quarter, higher than originally estimated, the Commerce Department said Tuesday.
Commerce last month estimated third-quarter GDP growth at a 2% rate. Second-quarter GDP growth was 1.7%.
The revised level was about in line with analystsâ€™ forecasts of 2.4% growth, Bloomberg reported.
Consumer spending, which accounts for about 70% of the economy, rose at a 2.8% rate, the fastest since the last quarter of 2006.
Tuesdayâ€™s GDP figure is the second of three to be put out by Commerce.
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