The U.S. economy advanced at a faster pace last quarter than previously estimated, but the stronger gains only help bring the year’s growth rate back in line with the long, sluggish expansion.
Gross domestic product, a broad measure of the goods and services produced across the economy, expanded at an inflation- and seasonally adjusted annual rate of 3.5% in the third quarter, the Commerce Department said Thursday. The rate was revised up from last month’s 3.2% estimate, and is the strongest quarterly pace of growth in two years.
Economists surveyed by The Wall Street Journal expected growth would be revised up to a 3.3% pace for the July through September period. Growth accelerated from a 1.4% advance in the second quarter and a 0.8% increase in the first three months of the year.