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US Third-Quarter GDP Revised Higher to 3.2% on Firmer Spending
US economic growth in the third quarter was firmer than previously estimated, reflecting upward revisions to consumer spending and business investment. Inflation-adjusted gross domestic product, or the total value of all goods and services produced in the economy, increased at a 3.2% annualized rate during the period, Commerce Department data showed Thursday. That compares with a previously reported 2.9% advance. Personal consumption was revised significantly higher, advancing 2.3% in the latest report compared to 1.7% in an earlier estimate and reflecting stronger services spending. The figures highlight how despite ... (full story)