U.S. economy growing at faster pace

(CNN)– The U.S. economy grew at an even faster pace this Summer than previously reported.

The Commerce Department’s final estimate found all goods and services produced in the economy rose at a rate of 3.1% in the 3rd quarter.

That’s up from the previous estimate of 2.8%.

The revised gross domestic product figure factored in stronger consumer spending and higher exports.

Consumer spending accounts for 70% of the U.S. economy.