Third Quarter GDP Revised Up to 4.1%

Washington, DC, Dec. 20, 2013 -- The U.S. economy grew at an annual pace of 4.1%  in the third quarter, according to the Commerce Department.

It was the strongest performance in two years, mostly due to increased consumer spending and more business investment in intellectual property.

The initial estimate for the growth of gross domestic product was a 3.6% annual rate.

Consumer spending rose 2% instead of 1.4% as previously reported, but most of that went toward gasoline and health care.

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