Gross domestic product (GDP)

U.S. GDP growth revised higher to 2.1% in third quarter

The U.S. economy grew at a 2.1% annualized pace in the third quarter — faster than the initial read of 1.9% — according to revised data released by the Commerce Department on Wednesday.

Why it matters: The revision occurred thanks to an upward revision in business spending, indicating that the economy's slowdown was not as harsh as feared in the face of the U.S.-China trade war. The change means that economic growth accelerated marginally from the prior quarter's 2% growth, but it's worth noting that economists are much less optimistic about growth prospects for the current quarter.

Go deeper: Nobel laureate Joseph Stiglitz calls for the end of GDP

Nobel laureate Joseph Stiglitz calls for the end of GDP

Joseph Stiglitz
Joseph Stiglitz. Photo: Julia Reinhart/Getty Images

Nobel laureate Joseph Stiglitz renewed calls to retire the gross domestic product, or GDP, as the go-to economic indicator.

The big picture: Calls to revamp GDP, no matter how unlikely, are no longer coming from the corners of academia. They're seeping into the mainstream.