The U.S. economy grew faster than estimated in the third quarter, led by stronger consumer spending and fueled by increased earned income that can stoke demand in 2011.
The revised 2.5 percent increase in gross domestic product compared with 2 percent estimate issued last month and increased 1.7 percent in the second quarter, Commerce Department figures showed today in Washington. Consumer purchases rose at its fastest pace since the last quarter of 2006.
wages of workers in the six months to September were revised by approximately $ 59 million, giving the Americans can ramp up their spending ahead of Christmas shopping season. Along with gains in business investment in new equipment, the figures show an expansion in evolution brought more demand and less by the replenishment of inventories.
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