U.S. Economy Grew At 2.2% Rate In Third Quarter

Commerce Department revises rate upward from 1.6%.

After the second of three scheduled looks at U.S economic activity from July through September of this year, U.S. Commerce Department says growth was faster than first thought. Adjusted for inflation, GDP grew at an annual rate of 2.2% in the third quarter, six-tenths of a percentage point higher the 1.6% rate the department reported a month ago.

Imports of goods were less than first calculated, as was personal spending on manufactured durable goods. Business inventories were higher than initial data showed, as was consumer spending for services.

In the first quarter of this year, GDP grew at a 5.6% annual rate; in the second quarter, the economy grew at a 2.6% annual rate.

The department is slated to release its final figures for third-quarter GDP on Dec. 21.

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