Third-quarter economic growth revised higher to 3.2%

The U.S. economy expanded at a 3.2% annual rate in the third quarter, according to the final revision of Gross Domestic Product released by the Commerce Department on Thursday.

Why it matters: The latest revision shows the economy grew at a slightly faster pace last quarter than previously estimated, in large part due to stronger consumer spending.

• The economy's return to growth last quarter followed two back-to-back contractions that raised fears the country had entered a recession.

By the numbers: The final estimate is above the initial readings, which said the economy grew at a 2.6% and 2.9% annualized pace, respectively.

• In the first quarter, the economy contracted at a 1.6% annual rate, while the economy shrank at a 0.6% annualized pace in the second quarter.

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