US economy revised upward to 2.7% in third quarter
2012-11-29 17:37:37
The US economy grew at a 2.7 percent pace in the third quarter, faster than previously estimated, the Commerce Department said on Thursday.
Gross domestic product growth was revised upward from the prior estimate of 2.0 percent, reflecting in part increases in federal government spending and private inventory investment, the department said.
The stronger pace in the July-September quarter marked a pick-up from the second quarter's 1.3 percent growth.
Still, growth remained modest as the world's largest economy headed into the fourth quarter of the year.
High Frequency Economics said the growth trend would likely remain in a 2.0-2.5 percent range.