The U.S. economy grew faster in the 3rd quarter than previously expected, although the numbers look more gloomy when looked at from the income side, and, since then, economic data suggests that momentum has waned and growth is cooling.
Gross domestic product (GDP) rose at a 5.2 percent annualized rate last quarter, revised up from the previously reported 4.9 percent pace, the Commerce Department’s Bureau of Economic Analysis (BEA) said in its second estimate of third-quarter GDP, released on Nov. 29.
