The U.S. economy grew faster than previously stated in the July-to-September quarter, thanks to stronger trade, faster health care spending and increased local government construction, the Commerce Department estimated Thursday.
The Commerce Department said third-quarter gross domestic product grew at a seasonally adjusted annual rate of 3.1 percent in the third quarter, which is the fastest rate of growth since the 4.1 percent pickup in the final quarter of 2011.
The GDP numbers were well ahead of the government’s initial estimate of 2 percent growth or even its most recent tally of 2.7 percent. Economists polled by MarketWatch had anticipated a 2.9 percent reading in the third and final estimate.
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