The Pace Quickens

GDP grew 2.5% in the third quarter, according to the latest statistics, faster than analysts initially estimated. Consumer spending grew at an annualized rate of 2.8%, the fastest quarterly gain since the fourth quarter of 2006. Also contributing to the higher GDP were a rise in exports and a fall in imports, as well as a 1.2% gain in final sales. A substantial rise in inventories was responsible for about half the gain in GDP. As a consequence of the higher growth in GDP, productivity was also revised upward...

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