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Economic Report: U.S. economy grew at a revised 2.1% annual rate in third quarter

The U.S. economy expanded at an annual 2.1% pace in the third quarter instead of 2.0%, revised government data show. Economists were expecting a reading of 2.2%, according to a Wall Street Journal poll.

Consumer spending and private inventory investment mostly accounted for the upward revision, the Commerce Department said Wednesday. The report was a revision of an advance estimate issued last month.

Looking ahead, economists expect U.S. GDP to grow at an annualized rate of 4.8% in the fourth quarter of 2022. Those figures will be released in January of 2022.

U.S. stocks

were poised to fall at the start of trade Wednesday.

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