U.S. economy did better in 3rd quarter than previously thought – By Clyde Hughes (UPI) / Dec 22 2020
Dec. 22 (UPI) — The U.S. economy performed slightly better during the third quarter than previously thought, the Commerce Department said Tuesday in its latest growth estimate.
The department said in its first estimate in October that the economy grew by 33% in Q3 and the figure was increased 0.1% in the second report last month. Growth for the July-to-October period was finally revised up to a record 33.4% in Tuesday’s report.
The department said the upward revision for Q3 was a result of larger increases in personal consumption expenditures and nonresidential fixed investment.
“The increase in third quarter GDP reflected continued efforts to reopen businesses and resume activities that were postponed or restricted due to COVID-19,” the department said in a statement.
