Revised data released by the Commerce Department on Tuesday showed the U.S. economy grew by slightly more than previously estimated in the third quarter of 2020.
The report showed the spike in gross domestic product in the third quarter was upwardly revised to 33.4 percent from the previously reported 33.1 percent. Economists had expected the jump in GDP to be unrevised.
The Commerce Department said the unexpected upward revision primarily reflected larger increases in consumer spending and non-residential fixed investment.
The substantial increase in GDP in the third quarter came following a record contraction in the second quarter, when GDP plunged by 31.4 percent.
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