Third Quarter GDP Growth Tops Expectations
Washington, DC, Nov. 7, 2013 -- Gross domestic product grew at an annual rate of 2.8% in the third quarter, the Commerce Department said.
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That followed 2.5% growth in the second quarter and marked the fastest rate of growth in a year. It also beat economists' expectations for growth of 2%.
The stronger growth was a result of businesses restocking their shelves.
However, consumer spending slowed in the quarter and companies made fewer equipment purchases.
Consumer spending grew at a 1.5% rate, as purchases of long-lasting items such as cars were offset by slower spending on services.