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.

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.