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Economic rebound is weaker; GDP revised down - USATODAY.com
The Commerce Department's final estimate showed gross domestic product grew at a 2.2% annual rate instead of the 2.8% pace it reported last month. Analysts polled by Reuters had forecast the report to show GDP, which measures total goods and services output within U.S. borders, unrevised at a 2.8% growth rate in the third quarter.
It was still the fastest pace since the third quarter 2007 and ended four straight quarters of decline. The resumption of growth in the July-September period probably ended the most brutal recession since the 1930s.
Growth was boosted by government stimulus programs, including the popular cash for clunkers auto sales program and tax credit for first-time home buyers.
The Commerce Department's final estimate showed gross domestic product grew at a 2.2% annual rate instead of the 2.8% pace it reported last month. Analysts polled by Reuters had forecast the report to show GDP, which measures total goods and services output within U.S. borders, unrevised at a 2.8% growth rate in the third quarter.
It was still the fastest pace since the third quarter 2007 and ended four straight quarters of decline. The resumption of growth in the July-September period probably ended the most brutal recession since the 1930s.
Growth was boosted by government stimulus programs, including the popular cash for clunkers auto sales program and tax credit for first-time home buyers.