US GDP Revised Up To 3.1% On Stronger Consumer Spending, Exports

(Bloomberg) -- The US economy expanded at a faster pace in the third quarter than previously estimated, owing in part to to stronger consumer spending and exports.

Gross domestic product increased at a 3.1% annualized rate in the third quarter, the third estimate of the figures from the Bureau of Economic Analysis showed Thursday. That compared to a previous projection of 2.8%. Consumer spending was marked up to a 3.7% pace from 3.5%.

The numbers reinforce the notion that the economy is still powering ahead despite expectations among forecasters for an eventual slowdown. The report comes just a day after the Federal Reserve triggered a stock-market selloff by signaling a slower pace of interest-rate cuts in 2025, in part premised on recent stronger-than-expected economic data.