File photo: Shipping cranes and containers at a U.S. port representing exports and imports factored in overall gross domestic product, or GDP. (Photo: REUTERS)
The Commerce Department reported Thursday the U.S. gross domestic product (GDP) grew at a rate of 3.5 percent in the third quarter of 2016. The figure slightly outpaced the median forecast calling for 3.3% and was the strongest since the third quarter of 2014.
However, it followed the second quarter’s anemic 1.4% pace.
Businesses accumulated inventories at a $7.1 billion rate, down slightly from the $7.6 billion initially reported.
Consumer spending, which accounts for more than two-thirds of all U.S. economic activity, gained 3% in the third quarter, up from the 2.8% pace reported last month. That was still a slowdown from the second quarter (4.3%).
