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U.S. economy grew at 2.7% rate in summer

By The Associated Press

This article was published November 29, 2012 at 7:54 a.m.

— The U.S. economy grew at a 2.7 percent annual rate from July through September, much faster than first thought.

The Commerce Department said Thursday that growth in the third quarter was significantly better than the 2 percent rate estimated a month ago.

And it was more than twice the 1.3 percent rate reported for the April-June quarter.

The two biggest factors in the upward revision were larger gains in business stockpiles and a boost in export sales. That offset weaker consumer spending.

Read tomorrow's Arkansas Democrat-Gazette for full details.

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