Third-quarter growth revised downward!
NEW YORK (PNN) - December 22, 2009 - The U.S. economy limped forward at a 2.2% pace in the third quarter, according to government figures Tuesday that showed a downward revision of gross domestic product.
The downward revision from last month's estimate of 2.8% growth came primarily from a weaker contribution from business investment, as well as slightly slower consumer spending growth.
The report nonetheless confirms that the world's biggest economy swung back to growth in the July-September period after four quarters of contraction in the worst Depression in decades.
The Commerce Department revision indicates the economy's momentum in the third quarter was weaker than anticipated, suggesting that the Depression may be far from over.
The downward revision from last month's estimate of 2.8% growth came primarily from a weaker contribution from business investment, as well as slightly slower consumer spending growth.
The report nonetheless confirms that the world's biggest economy swung back to growth in the July-September period after four quarters of contraction in the worst Depression in decades.
The Commerce Department revision indicates the economy's momentum in the third quarter was weaker than anticipated, suggesting that the Depression may be far from over.
