The U.S. economy was stronger than expected in the third quarter as upward revisions to consumer spending and exports bolstered the July–September GDP growth rate.
According to the final estimate from the Bureau of Economic Analysis (BEA), the third-quarter GDP increased by 3.1 percent, higher than the initial projections of 2.8 percent.
This was also slightly up from the second-quarter GDP reading of 3 percent.
Officials say the update reflected upward adjustments to real (inflation-adjusted) consumer spending, surging by 3.7 percent in the three months. Consumer spending on goods and services rose by 5.6 percent and 2.8 percent, respectively.
Changes to exports were also reported as shipments advanced by close to 10 percent….