Economy grows faster than expected in third quarter at 3.1 percent

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The US economy grew 3.1 percent in the third quarter, faster than previously estimated, the Commerce Department said Thursday.

Gross domestic product growth in the July-September period was revised upward from prior estimates of 2.7 percent and 2.0 percent, the department said.

The higher figure reflects upward revisions to consumer spending, exports and government outlays, and downward revision to imports.

In the second quarter, real GDP increased 1.3 percent.

The Commerce Department said the revision “has not greatly changed the general picture of the economy for the third quarter except that personal consumption expenditures is now showing a modest pickup, and imports is now showing a downturn.”