The U.S. economy grew at a faster rate than previously estimated in the third quarter, helped by exports and government spending, but the economy likely is slowing in the current quarter amid weak global demand and a move toward tighter fiscal policy. The Commerce Department's third and final estimate Thursday of growth for the July-September quarter was revised up to 3.1 percent from its previous estimate of a 2.7 percent annual rate. It was the fastest growth since late 2011 and also reflected a slightly better pace of consumer spending than previously estimated. With imports falling for the first time since the second quarter of 2009, the trade deficit narrowed. Trade contributed nearly 0.4 percentage point to gross domestic product (GDP) growth. The decline in imports is a sign of weak domestic demand. Government spending was revised higher, boosted by a rebound in state and local government outlays. It added 0.75 percentage point to GDP growth in the quarter.
