U.S. Economy Grew at 2.1 Percent Rate in Third Quarter

[mahatmakanejeeves]

Source: New York Times

Economy

U.S. Economy Grew at 2.1 Percent Rate in Third Quarter

By NELSON D. SCHWARTZ NOV. 24, 2015

The American economy turned in a better performance last quarter than first thought, expanding at a 2.1 percent rate, the government said on Tuesday.

While well below the pace of growth recorded in the spring, it was better than the 1.5 percent rate for the third quarter that the Commerce Department reported late last month.

Much of the improvement was because of revised data on inventories, which showed businesses’ restocking shelves at a faster pace than the government first estimated. The improvement in inventory levels was offset by a slight downward revision in consumer spending last quarter.

Wall Street economists had been expecting the upward revision, which is the second of three estimates for growth that the government will release. The final set of numbers will come out on Dec. 22.

Read more: http://www.nytimes.com/2015/11/25/business/economy/us-economy-q3-growth-gdp-revision.html

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This is a revision of the initial estimate of the third quarter gross domestic product (GDP). The initial estimate was released at the end of October. Here's a link to that:

Third-quarter GDP lands with thud: just 1.5% growth

[forest444]

1. Best of all, the economy is now on track to match last year's 2.4% growth.

This was very much in doubt after the slowdown over the winter; a good second quarter and a decent third changed the trend though. Since the recovery began in 2010, growth has averaged 2%.