Tom Klitzke walks past home appliances at a Lowe's store in Omaha, Neb., April 27, 2012. THE CANADIAN PRESS/AP, Nati Harnik
December 05, 2013 - 5:32 AM
WASHINGTON - The U.S. economy grew at a 3.6 per cent annual rate from July through September, the fastest since early 2012. But nearly half the growth came from a buildup in business stockpiles, a trend that could reverse in the current quarter and hold back growth.
The Commerce Department's second estimate of third-quarter growth was much higher than the initial 2.8 per cent rate reported last month. And it was well above the 2.5 per cent growth rate for the April-June quarter.
But almost the entire third-quarter revision came from a big jump in stockpiles. Consumer spending, the lifeblood of the economy, was the weakest in nearly four years.
When excluding inventories, the economy grew at a 1.9 per cent rate in the third quarter, down from 2.1 per cent in the spring.
News from © The Associated Press, 2013