US economic growth accelerates to 2.9% in 3rd quarter

US economic growth accelerated to a 2.9 percent annual rate in the third quarter, boosted by a big jump in exports and solid consumer spending, the Commerce Department reported Friday. In this initial estimate of gross domestic product, the Commerce Department also credited personal consumption for the positive result. "These data likely overstate growth significantly," Ian Shepherdson, chief economist at Pantheon Macroeconomics said.