US economy grows faster than thought
- 5 December 2013
- From the section Business
The US economy grew at an annual pace of 3.6% in the third quarter of the year, up from an initial estimate of 2.8%, revised figures have shown.
The growth rate was the fastest since the first quarter of 2012.
The third-quarter performance was an improvement on the 2.5% pace seen in the previous three months.
But the upward revision was mainly driven by a big jump in businesses restocking their inventories, the Commerce Department said.
The annualised growth figure was equivalent to a quarter-on-quarter increase of 0.9%, revised up from 0.7%.
The pace of growth in consumer spending - which accounts for about two-thirds of US economic activity - slowed from the previous quarter.
Consumer spending grew at a revised annual pace of 1.4%, down from 1.8% in the April-to-June period and the slowest rate since late 2009.
The inventory build-up consists of products that have been produced but not yet sold, such as cars.