GDP Grew by 2.7 Percent

The Commerce Department on Thursday said that U.S. gross domestic product grew 2.7 percent in the third quarter—a 35 percent jump from its previous estimate. Annualized GDP growth in the second quarter was 1.3 percent. The added growth came largely from federal government spending, homebuilding, and larger business inventories, while state and local spending cuts were a drag on GDP growth.