U.S. growth revised higher, economy on firmer footing

The U.S. economy grew at its fastest pace in almost two years in the third quarter, the government said on Friday as it revised its estimates of business and consumer spending higher. The upward revisions also extended to exports and suggested some underlying strength in the economy, even though growth in the quarter was largely driven by a buildup in inventories. “The underlying momentum in economic activity shifted up a gear in the third quarter,” said Millan Mulraine, deputy chief U.S. economist at TD Securities in New York.

    

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