Economy posts solid growth numbers

The U.S. economy grew by nearly four percent during the third quarter, higher than the original estimate for that three-month period.

Economists at first believed the economy grew 3.5 percent during that quarter, but that number was revised up to 3.9 percent after because of greater spending by consumers and businesses, according to a report released Tuesday by the U.S. Department of Commerce.

Consumer spending, which accounts for about 70 percent of all economic activity, was up 2.2 percent during the third quarter, while business investment in equipment rose 10.7 percent and government spending was up 4.2 percent, the report stated.

Since the recession officially ended June 2009, quarterly growth has averaged just above two percent.