The U.S. economy expanded more than previously reported last quarter on bigger contributions from a range of factors including services spending, intellectual property and construction by state and local governments. Gross domestic product rose at a 3.5 percent annualized rate in the three months ended in September, compared with a prior estimate of 3.2 percent, Commerce Department figures showed Thursday. The median forecast in a Bloomberg survey called for a 3.3 percent gain. The revised growth estimate, still the fastest in two years, reflected updated figures on research and development expenses from companies, spending by nonprofit institutions and use of financial services.
U.S. Economic Growth Revised Up to 3.5% Pace in Third Quarter
