US economic growth revised up to 3.2% in third quarter in show of resiliency

The U.S. economy grew at a faster pace in the third quarter than previously reported as American consumers continued to spend even in the face of painfully high inflation and rising interest rates.

Gross domestic product, the broadest measure of goods and services produced across the economy, grew by 3.2% on an annualized basis in the three-month period from July through September, the Commerce Department said in its third and final reading of the data Thursday. That compares with the previously reported 2.9% increase.

The change stemmed from a significant upward revision...