The US economy expanded 3.2 percent in the third quarter, the Commerce Department said Thursday, in a further upward revision of data reflecting stronger consumer spending and investment than earlier estimated, IgbereTV reports
The world’s biggest economy grew for the first time this year in the July to September period, after two-quarters of contraction that worsened recession fears.
It earlier revised the GDP figure to 2.9 percent, annualised — already an improvement from the 2.6 percent first reported in October.
Both adjustments “primarily reflected upward revisions to consumer spending” as well as non-residential fixed investment, the Commerce Department said, in its final GDP estimate for the quarter.
But growth was partly offset by decreases in residential fixed investment and private inventory investment, it added
