The U.S. economy grew at a faster pace over the summer than initially estimated, a positive sign that could help convince Federal Reserve policymakers to raise a key interest rate next month.
Total economic output, also known as gross domestic product, increased at a 2.1% annual rate from July through September, the Commerce Department said Tuesday.
The figure was up from the initial estimate of 1.5% annual growth in the quarter, which had reflected a sharp cutback by businesses on their inventories in the face of a global economic slowdown.
The economy had grown at a 3.9% annual rate in the second quarter.
New data showed that the reduction in inventories in the...
The Federal Reserve building in Washington D.C.