The U.S. Commerce Department released gross domestic product (GDP) figures on Tuesday. The U.S. revised GDP climbed 2.1% in the third quarter, exceeding expectations for a 2.0% increase, up from the preliminary estimate of a 1.5% rise.

The upward revision was partly driven by an upward revision to business spending on equipment and investment in home building.

Consumer spending was revised down.

Consumer spending rose by 3.0% in the third quarter, down from the previous estimate of a 3.2% increase.

Exports climbed 0.9% in the third quarter, while imports were up 2.1%.

The PCE price index excluding food and energy costs increased 1.3% in the third quarter, in line with expectations, after a 1.9% rise in the second quarter.

The PCE price index is the Fed's preferred gauge for inflation.

These figures could mean that the Fed may start raising its interest rate next month.