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
SPX,
+0.17%
were poised to fall at the start of trade Wednesday.
