Meanwhile, consumer spending, America’s main economic engine, was revised slightly lower, to 3.6%, down from the 4% in the initial estimate. Residential investment, which generally reflects conditions in the housing market, was revised much higher, to 6.2% from 3.9%. Nonresidential fixed investment, or business spending, was revised up to a growth rate of 1.3% in the third quarter from a decline of 0.1%. It factors in greater business investment, government outlays, residential investment and inventory growth. Wednesday’s latest reading reflects an even faster pace of growth than the blistering 4.9% rate the department initially estimated. GDP is adjusted for inflation and seasonal swings. Gross domestic product, the broadest measure of economic output, rose at an annualized rate of 5.2% from July through September, according to the Commerce Department’s second estimate, released Wednesday morning. US economic growth was even stronger in the third quarter than previously estimated, underscoring the economy’s remarkable resilience in the face of elevated inflation and high borrowing costs earlier this year.
