Economic activity in the U.S. increased by more than previously estimated in the third quarter, the Commerce Department revealed in a report on Thursday.
The Commerce Department said gross domestic product climbed by 3.5 percent in the third quarter, reflecting an upward revision from the previously reported 3.2 percent increase.
Economists had been expecting the report to show a more modest upward revision to the pace of GDP growth to 3.3 percent.
With the upward revision, GDP increased at its fastest pace in two years, much faster than the 1.4 percent growth seen in the second quarter.
The report said consumer spending climbed by an upwardly revised 3.0 percent in the third quarter compared to the previously reported 2.8 percent increase.
The upward revision to the pace of GDP growth also reflected upward revisions to non-residential fixed investment and state and local government spending.
A reading on core consumer prices, which exclude food and energy prices, showed that the pace of price growth slowed to 1.7 percent in the third quarter from 1.8 percent in the second quarter.
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May 01, 2026 15:54 ET Central banks dominated the economics news flow this week with almost all major ones announcing their latest policy decisions and many boosted expectations for a rate hike in June. In other news, several countries released the preliminary data for first quarter economic growth. In the U.S., comments by Fed Chair Jerome Powell were also in focus as his term ends this month.