U.S. GDP Unexpectedly Surges More Than Previously Estimated In Q3

(RTTNews) - The Commerce Department released a report on Thursday showing the pace of U.S. economic growth unexpectedly surged by more than previously estimated in the third quarter.

The report said gross domestic product shot up by 3.1 percent in the third quarter, reflecting an upward revision from the 2.8 percent jump previously reported. Economists had expected the pace of growth to be unrevised.

The Commerce Department said upward revisions to exports and consumer spending offset a downward revision to private inventory investment and an upward revision to imports, which are a subtraction in the calculation of GDP.