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US Economy Advance Fastest in a Decade

Don Wood checks out at a register at Walmart as the store prepares for Black Friday in Los Angeles, California, Nov. 24, 2014.

The U.S. economy is advancing at a faster clip than first thought, giving the world's largest economy its most robust growth in more than a decade.

Major economies in Europe and Asia are slowing, but the U.S. said Tuesday that the American economy jumped 3.9 percent from July through September. That was up from the 3.5 percent gain the government had estimated several weeks ago.

The U.S. economy grew 4.6 percent in the second quarter, producing the biggest six-month advance since 2003.

The government said third-quarter growth was fueled by increased consumer spending, along with more business investment and exports, and a decline in imports.

At the moment, the United States is perhaps the brightest spot in a bleak global economic outlook.

Europe's 18-nation euro currency bloc, collectively a bigger economy than the U.S., is near a recession. Growth has slowed significantly in China, the second biggest national economy, while Japan, the third, has dropped into a recession.

U.S. economic analysts said American economic growth may slow to about 2.5 percent in the final three months this year, but are expecting a bigger advance, perhaps to 3 percent, in 2015.