The economy grew much more quickly last quarter than initially thought as businesses and consumers increased spending, the government said Thursday.
At 3.7 percent, the revised estimate for the annualized rate of economic expansion in the spring is more than a full percentage point higher than the initial reading of 2.3 percent reported by the Commerce Department in late July.
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14:36 U.S. economy added 178,000 jobs in November; unemployment rate dropped to 4.6 percent13
13:41 Solid Job Growth Strengthens Prospect for a Fed Rate Increase9
09:46 UK manufacturing growth cools unexpectedly in November: PMI9
10:45 OECD sees resurgent US growth boosting global economy11