WASHINGTON, Nov. 25 (UPI) -- The economy grew at a faster pace in the third quarter than had been forecast, the Commence Department said Tuesday.
Separately, the Conference Board reported its Consumer Confidence Index registered another solid gain, up to 91.7 this month from 81.7 in October.
The gross domestic product was revised to an 8.2 percent annual rate for the third quarter, a full percentage point higher than the 7.2 percent initial estimate from the government and even higher than the 8 percent growth forecast by economists.
The summer's economic performance was more than double the 3.3 percent growth recorded in the second quarter and was the best quarterly GDP since a 9 percent surge in the first three months of 1984, the Wall Street Journal reported.
"The economy is regaining the confidence of businesses and they are stepping up to the plate and spending and investing for the future," economist Ken Mayland, president of ClearView Economics, told the Journal.
Business spending advanced by 14 percent, its strongest in three years, and higher than the 11.1 forecast. Spending on equipment and software climbed 18.4 percent, its best run in five years.
The Conference Board said consumer confidence is at its highest level in more than a year.
"The improvement in the Present Situation Index, especially in the jobs component, suggests that consumers believe a slow but sure labor market turnaround is under way," said Lynn Franco, director of The Conference Board's Consumer Research Center. "The rise in expectations is a signal that consumers will end this year much more upbeat than when the year began."
