WASHINGTON — 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.