US Economy Grew at Highest Rate Since 2003
Published at | Updated at
tntemerson/iStock/Thinkstock(NEW YORK) — The Commerce Department said on Tuesday that the U.S. economy grew at a faster rate between July and September than any quarterly period in a decade.
According to a report from the Commerce Department, the U.S. Gross Domestic Product increased at an annual rate of five percent in the third quarter of the 2014 fiscal year. That estimate is revised up from the 3.9 percent figure estimated last month. That growth rate is the highest since the summer of 2003, the New York Times says.
During the second quarter, the GDP jumped 4.6 percent, the Commerce Department said.
The Commerce Department cited consumer spending and business investment, among other factors, for the high level of growth.
Follow @ABCNewsRadio
Copyright 2014 ABC News Radio