The Bureau of Economic Analysis revised their estimate for real gross domestic product in this year's third quarter from 3.5 percent to 3.9 percent.

In more good news for this nation's economy, the real gross domestic product, which is the value of the production of goods and services, adjusted for price changes, increased at an annual rate of 3.9 percent in the third quarter of 2014, up from the original estimate of 3.5 percent according to the Bureau of Economic Analysis.

In the second quarter, real GDP increased 4.6 percent, giving the economy the best back-to-back quarters in 10 years.

The GDP estimate released today is based on more complete source data than was available for the first estimate issued last month.

With the second estimate for the third quarter, private inventory investment decreased less than previously estimated, consumer spending increased more, and exports increased less.

An upturn in federal, state and local government spending also played a role in the increase in real GDP in the
third quarter.