The U.S. economy posted its strongest growth in more than a decade during the third quarter, supported by robust consumer spending and business investment, the Wall Street Journal reports.
Gross domestic product, the broadest measure of goods and services produced across the economy, grew at a seasonally adjusted annual rate of 5.0% in the third quarter, theCommerce Department said Tuesday. That was up from the second quarter’s growth rate of 4.6% and the strongest pace since the third quarter of 2003.
The agency last month had estimated third-quarter GDP growth at 3.9%. Economists surveyed by The Wall Street Journal had expected a smaller upward revision, to 4.3% growth.
Tuesday’s report upgraded estimates for fixed nonresidential investment, a proxy for business spending, and personal spending, especially on services like health care.
