WKYT | Lexington, Kentucky | News

Economic growth slightly faster than first thought

WASHINGTON (AP) - The economy grew slightly faster last summer than first thought, benefiting from stronger spending by U.S. shoppers and improved overseas sales of U.S. goods.

The Commerce Department reports that gross domestic product increased at a 2.5 percent annual rate in the July-September quarter. That was better than the 2 percent pace initially estimated last month.

More brisk spending by American consumers, especially on autos and other big-ticket goods, and stronger sales of U.S. exports to foreign customers were the main reasons for the upgrade.

Still, the modest improvement isn't enough to drive down the 9.6 percent unemployment rate.


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