US third quarter growth revised up to 2.5%

The US economy grew at 2.5% in the third quarter, a faster rate than previously estimated.

GDP was revised upwards from 2%, though economists were expecting a revision to 2.4%. Exports, as well as consumer and government spending were stronger than initially thought, the Commerce Department said in its second estimate. Consumer spending, which accounts for more than two-thirds of US economic activity, grew at a 2.8% in the July-September period, higher than the 2.6% previously thought.