The U.S. economy grew at its fastest pace in two years in the third quarter as a surge in exports and a rebound in inventory investment offset a slowdown in consumer spending.
Gross domestic product increased at a 2.9 percent annual rate after rising at a 1.4 percent pace in the second quarter, the Commerce Department said on Friday in its first estimate.
That was the strongest growth rate since the third quarter of 2014 and beat economists’ expectations for a 2.5 percent expansion pace. Business investment improved last quarter, though spending on equipment remained weak.
