The U.S. economy grew faster than previously thought between July and September, its best performance in two years, buoyed by stronger consumer spending, the government reported Thursday, according to Marketwatch.
The Commerce Department said the economy expanded at a seasonally adjust 3.5 percent annualized rate in the third quarter. Marketwatch said this is above the government’s prior estimate of 3.2 percent due to upward revisions in consumer spending and business investment.
Economists polled by MarketWatch had expected GDP to be revised to growth of 3.3 percent.
Marketwatch reported that consumer spending, which added 2 percentage points to GDP, rose at a 3 percent annual rate, up from the prior estimate of 2.8 percent.