Third-Quarter GDP Revised Up to 2.7%
The U.S. economy’s annual growth rate was revised up to 2.7% in the third quarter from a previously estimated 2%, the Commerce Department reported Thursday.
The revised gross domestic product rate followed a 1.3% pace in the second quarter, Commerce said. GDP measures the value of all goods and services produced.
Economists had estimated a 2.8% gain, Bloomberg reported.
Thursday’s GDP figure was the second of three for the quarter.
Household purchases rose at a 1.4% annual rate, down from a previously reported 2%, Commerce said.