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

Go deeper

Ben Geman, author of Generate
14 mins ago - Economy & Business

GM dives full-throttle into electric

GMC Hummer EV. Photo courtesy of General Motors

What has LeBron James as a pitchman, some slightly awkward promotional phrasing ("watts to freedom"), and a six-figure starting price? The electric GMC Hummer.

Driving the news: General Motors unveiled the vehicle — a reborn version of the deceased mega-guzzler — with a highly produced rollout Tuesday night that included a World Series spot. The company also began taking reservations.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: McConnell urges White House not to strike stimulus deal before election — Republican senators defend Fauci as Trump escalates attacks.
  2. Economy: Why the stimulus delay isn't a crisis (yet).
  3. Health: Studies show drop in COVID death rate — The next wave is gaining steam — The overwhelming aftershocks of the pandemic.
  4. Education: Schools haven't become hotspots.
Dion Rabouin, author of Markets
2 hours ago - Economy & Business

CEO confidence skyrockets on expectations of layoffs and wage cuts

U.S. consumers remain uncertain about the economic environment but CEOs are feeling incredibly confident, the latest survey from the Conference Board shows.

Why it matters: Confidence among chief executives jumped 19 points from its last reading in July, rising above the 50-point threshold that reflects more positive than negative responses for the first time since 2018.

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