US economy grows at 3.1% rate in third quarter NEW YORK - The US economy grew faster than previously estimated in the third quarter as exports and government spending provided a lift, but that boost is likely to be lost amid slowing global demand and a move towards tighter fiscal policy. Gross domestic product expanded at a 3.1 per cent annual rate, the commerce department said in its third estimate on Thursday, up from the 2.7 per cent pace reported last month. The number of Americans filing new claims for unemployment aid rose last week, putting them back at the lower end of their pre-storm range and suggesting job growth remains moderate. Initial claims for state unemployment benefits increased 17,000 to a seasonally adjusted 361,000, the Labor Department said on Thursday. The prior week's figure was revised to show 1,000 more applications than previously reported. Claims have now unwound the superstorm Sandy surge. They rose as high as 451,000 in the aftermath of the late October storm, which struck the East Coast. Economists polled by Reuters had forecast claims rising to 357,000 last week.