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Third-Quarter U.S. Growth Revised Higher to 3.1%

MarketWatch (12/20/12) Steve Goldstein

The U.S. economy grew at a 3.1% annual rate in the third quarter, more than previously reported, reflecting the first gain in state and local government spending in three years, more consumer purchases, and a smaller trade gap, the U.S. Department of Commerce reported today. The gross domestic product numbers are well ahead of the government’s initial estimate of 2% growth and its revised tally of 2.7%. The 3.1% figure is the fastest rate of growth since the 4.1% pickup in the final quarter of 2011.