New estimate shows economy grew 2.1 percent in third quarter

The U.S. economy grew more than originally estimated in the third quarter, climbing 2.1 percent.

{mosads}The Commerce Department first estimated that third-quarter growth came in at just 1.5 percent. But on its second of three estimates released Tuesday, that number jumped up over half a percent.

The government said most of the jump was due to higher business inventories than originally estimated. However, it also noted that exports and personal consumption spending were revised slightly downward.

Nonetheless, the solid economic data could continue to buoy the case for the Federal Reserve to make a much-anticipated interest rate hike when it meets in December. Such an increase would be the Fed’s first since the financial crisis.