Third Quarter GDP Revised Substantially Higher

Washington, DC, Dec. 5, 2013 -- The second estimate of third quarter economic growth was revised up to 3.6% from 2.8% by the Bureau of Economic Analysis.

Analysts were expecting a revision to 3.1%.

Surging inventories accounted for most of the increase.

Inventories increased $116.5 billion according to the second estimate, contributing 1.7 percentage points to the headline number, up from an initial estimate of $86 billion.