U.S. economic growth picked up in the third quarter after an uninspiring first half of the year as a build in inventories and a soybean-related jump in exports helped cushion softer household spending.
The 2.9% annualized increase in gross domestic product, the value of all goods and services produced, was the biggest in two years and followed a 1.4% gain the prior quarter, Commerce Department data showed Oct. 28. The median forecast in a Bloomberg News survey called for 2.6% growth. Consumer spending, the biggest part of the economy, rose a less-than-projected 2.1%.
