US Economy Grew Faster 2.7% in Third Quarter

WASHINGTON -- ­The U.S. economy grew at a 2.7% pace in the third quarter, faster than previously estimated, the Commerce Department said Thursday.

Gross domestic product growth was revised upward from the prior estimate of 2.0%, reflecting in part increases in federal government spending and private inventory investment, the department said.

The stronger pace in the July-September quarter marked a pickup from the second quarter's 1.3% growth.

Still, growth remained modest as the world's largest economy headed into the fourth quarter of the year.

High Frequency Economics said the growth trend would likely remain in a 2.0-2.5% range.

Copyright 2012 Agence France-Presse