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Economy in U.S. Expands at a 2.8% Rate on Inventories

Bloomberg (11/07/13) Shobhana Chandra

U.S. Gross Domestic Product rose 2.8% in the third quarter of 2013, up from 2.5% the quarter before, according to the U.S. Department of Commerce. Economists surveyed by Bloomberg had forecast an increase of 2%. Consumer spending rose 1.5%, the smallest increase since 2011. Inventories added 0.8% to growth, and increased at an $86 billion annualized pace, up from $56.6 billion in the second quarter.