U.S. Economic Growth Rebounds on Inventory, Export Boost

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 percent 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 percent gain the prior quarter, Commerce Department data showed Friday. The median forecast in a Bloomberg survey called for 2.6 percent growth. Consumer spending, the biggest part of the economy, rose a less-than-projected 2.1 percent.