Third Quarter GDP Revised Higher

Washington, DC, Dec. 20, 2012 -- The U.S. economy grew faster in the third quarter than initial estimates, according to the Commerce Department.

Gross Domestic Product rose 3.1%, higher than the initial estimate of 2.7%.

The government credited stronger trade, faster health-care spending and increased local government construction.

The growth was the fastest since the 4.1% increase in the final quarter of 2011.