US Economy Grows at 5 Percent Rate

Photo: Emily Metcalf
Photo: Emily Metcalf
Photo: Emily Metcalf

The U.S. economy grew at the fastest rate in a decade during July, August and September, growing by five percent, which is much faster than first thought.

Officials Tuesday announced the dramatic spike in third quarter gross domestic product, which is the sum of all the goods and services produced in a nation. It is the broadest measure of economic health.

Commerce DepartmentΒ experts routinely revise GDP estimates as more complete data become available.

In this case, stronger consumer spending and business investment helped bolster growth.

Some material for this report came from AP.