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U.S. economy grew 3.1% in 3rd quarter, more than forecast

By Bloomberg News

This article was published December 20, 2012 at 7:44 a.m.

— The U.S. economy grew at a 3.1 percent annual rate in the third quarter, more than previously reported, reflecting the first gain in state and local government spending in three years, more consumer purchases and a smaller trade gap.

The revised gross domestic product reading exceeded the highest projection in a Bloomberg survey and compared with a previously estimated 2.7 percent gain, according to Commerce Department figures released Thursday in Washington.

The median estimate of economists called for a 2.8 percent advance.

Projections from the 80 economists surveyed ranged from gains of 2.6 percent to 3 percent. Today’s figure marked the third reading for the quarter. The economy expanded at a 1.3 percent pace in the prior three-month period.

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