Photo: BloombergWashington: The US economy expanded more than previously reported last quarter on a sunnier picture of household spending, the primary growth engine. The revised growth figure mainly reflected changes to the pace of consumer spending and residential investment. The upward revisions to growth were partly offset by a downward adjustment to non-residential fixed investment, according to the commerce department. Inventories replenishedInventories grew at a $17 billion annualized rate from July through September and added to growth for the first time since early 2015. Corporate spending on equipment decreased at a 4.8% annualized pace in the third quarter, more than the initially estimated 2.7% and subtracting 0.28 percentage point from growth, the report showed.

Source: Mint November 29, 2016 14:26 UTC