WASHINGTON — The United States economy grew at a torrid 4.1 percent annual pace in the third quarter, the Commerce Department said Friday. That is the strongest growth in nearly two years, and only the third time the economy has expanded that quickly since 2006.
The Commerce Department revised its estimate of third-quarter growth to 4.1 percent from 3.6 percent in this release. The refined estimate is based on “more complete source data,” the department said, showing personal consumption and investment in things like factories to be higher than previously thought.
Economists had expected the final estimate of growth to be unchanged from that earlier 3.6 percent. But data showed that consumers have stepped up their spending on health care, houses and cars as the strengthening recovery has led to a sharp drop in the unemployment rate and rising home values have improved household balance sheets.
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Source: Annie Lowrey (www.nytimes.com)
