US real gross domestic product grew at an annual rate of 3.3% in the third quarter, according to the second estimate of GDP growth released today by the US Commerce Department. The new estimate is up from the previous estimate that pegged growth at 3.0%; it reflects upward revisions to nonresidential fixed investment, state and local government spending and private inventory investment.

In the second quarter, real GDP increased 3.1%.

Reuters reported the expansion was the fastest pace since the third quarter of 2014 and exceeded its poll of economists, who had expected that third-quarter GDP growth would be raised to a 3.2% rate. The brisk growth pace strengthens the case for the Federal Reserve to raise interest rates next month.