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The U.S. economy grew at a much greater-than-expected pace in the third quarter, boosted by strong consumer spending, a delayed report released Tuesday showed.
U.S. GDP, a sum of all goods and services produced in the sprawling U.S. economy, expanded by 4.3% in the July-September period, the Commerce Department said in its initial reading of third-quarter growth. Economists polled by Dow Jones expect a gain of 3.2%.
Consumer spending expanded by 3.5% in the third quarter after rising 2.5% in the second quarter.
Increases in exports and government spending also boosted growth, while a smaller dip in private fixed investment helped as well.