The U.S. economy grew at an annual pace of 2.5 percent in the third quarter, nearly double its second-quarter growth, according to data released by the Commerce Department on Thursday.
The increase in gross domestic product was exactly in line with economists’ expectations, according to a survey conducted by Reuters. GDP grew by 1.3 percent in the second quarter.
The report showed an economy gaining steam, albeit slowly. The Commerce Department cited an increase in personal consumption, exports, and government spending as contributing to the higher rate of growth. A separate report released on Thursday morning showed that initial claims for jobless benefits edged down by 2,000 last week, bringing the number of claims closer to 400,000, the level they need to drop below to dent unemployment.
Advance estimates, however, are frequently revised. First-quarter growth was initially reported at 1.8 percent but revised down to just 0.4 percent. The second estimate for Q3, based on more complete data, will be released on Nov. 22.