The economy grew faster than previously thought in the third quarter, helped by exports and government spending, but a sluggish global demand and belt-tightening by Washington looks set to put on the brakes again.
Gross domestic product expanded at a 3.1 percent annual rate in the third quarter, the Commerce Department said. It was the fastest pace since late 2011 and more than double the second quarter’s 1.3 percent rate.
A month ago, the department said GDP grew at 2.7 percent pace during the July-September period.