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.
Â© 2010, Transport Topics Publishing Group. All rights reserved.
Third-Quarter GDP Revised Up to 2.5% (11/23/2010 8:45:00 AM)
Third-Quarter GDP Rises 2% as Consumer Spending Grows (10/29/2010 10:40:00 AM)
Second-Quarter GDP Revised Up to 1.7% (9/30/2010 10:15:00 AM)
Second-Quarter GDP Revised Down to 1.6% (8/27/2010 9:00:00 AM)
Second-Quarter GDP Grows 2.4% (7/30/2010 9:00:00 AM)
UPS Earnings Soar 71% in 2Q; Firm Upbeat for Second Half (7/26/2010 3:30:00 AM)
OTHER NEWS BRIEFS