WASHINGTON — The U.S. economy grew at a slightly faster rate in the summer than previously reported, largely because of a less severe slowdown in businesses stockpiling.
The Commerce Department says that the overall economy as measured by the gross domestic product grew at an annual rate of 2.1 per cent in the July-September period. That is better than a previous estimate of 1.5 per cent growth.
Even with the revision, economic growth slowed sharply from a 3.9 per cent gain in the second quarter. The economy then was rebounding from a harsh winter that had slowed first quarter growth to a barely discernible 0.6 per cent pace.
Economists are forecasting that growth will accelerate to around 2.5 per cent in the current quarter as a healthy labour market and falling gas prices fuel stronger consumer spending.
Martin Crutsinger, The Associated Press