Consumer spending is closely watched because it accounts for about 70 percent of economic activity.
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The U.S. economy grew at a 3.5 percent annual rate in the July-September quarter, the fastest pace in two years and more than the government had previously estimated.The economy's acceleration last quarter marked a sharp pickup from the tepid annual growth of 0.8 percent in the first quarter and 1.4 percent in the second. Still, growth is expected to slow to a roughly 1.5 percent annual rate in the October-December quarter, reflecting in part less consumer spending and less business stockpiling.Thursday's report was the government's third and final estimate of GDP growth for the July-September quarter.Consumer spending is closely watched because it accounts for about 70 percent of economic activity.
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