U.S. GDP Unexpectedly Jumps More Than Previously Estimated In Q3

Revised data released by the Commerce Department on Wednesday showed the U.S. economy grew by more than previously estimated in the third quarter.

The report said real gross domestic product spiked by 2.9 percent in the third quarter compared to the previously reported 2.6 percent surge. Economists had expected the pace of GDP growth to be unrevised.

The Commerce Department said the stronger than previously estimated growth reflected upward revisions to consumer spending and nonresidential fixed investment.

Imports, which are a subtraction in the calculation of GDP, also decreased more than previously estimated.