US economy grew at 2.3% rate in Q3, up from earlier estimate

The U.S. economy grew at a 2.3% rate in the third quarter according to a third and final estimate of the nation's economic growth for that period

WASHINGTON -- The U.S. economy grew at a 2.3% rate in the third quarter, slightly better than previously thought, the Commerce Department said Wednesday. But prospects for a solid rebound going forward are being clouded by the rapid spread of the latest variant of the coronavirus.

The third and final look at the performance of the gross domestic product, the nation's total output of goods and services, was higher than last month's estimate of 2.1% growth.

The new-found strength came primarily from stronger consumer spending than what was previously thought, as well as businesses rebuilding their inventories more than initial estimates revealed.

The 2.3% third quarter gain follows explosive growth that began the year as the country was emerging from the pandemic, at least economically. Growth soared to 6.3% in the first quarter and 6.7% in the second quarter. The emergence of the delta variant in the summer was blamed for much of the third quarter slowdown.