U.S. GDP growth revised to 3.2 percent in third quarter

The U.S. economy grew by 3.2 percent on an annualized basis in the third quarter, according to government data released Thursday.

The number, revised up from the 2.9 percent growth reported last month, stemmed from an upward revision to personal consumption. Services spending was also stronger in the third quarter than initially reported.

Economists still expect a mild recession in next year's second half amid the Federal Reserve's interest rate hikes.

Historically high food prices are putting a dent in consumers' wallets, particularly among those who struggle to make ends meet.