US GDP revised up to 2.7% in Q3

The US economy grew 2.7% in the third quarter of the year, a significant upwards revision from the first reading of the data.

The first estimate had put GDP growth at 2% for July to September, but higher inventories and exports helped drive the pace of expansion, according to the Commerce Department. The figure saw positive contributions from personal consumption, private inventory investment, federal government spending, residential fixed investment, and exports. These factors were partly offset by negative contributions from non-residential fixed investment and state and local government spending. Exports were revised up to a 1.1% increase from a 1.6% decline, and imports were revised to a 0.1% rise fro...