inflation rate
Third-quarter GDP growth rate cut by 0.5 percent: Commerce DepartmentPosted by RJ and Makay on Nov 22, 2011 |
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The U.S. economy grew at a slower pace than previously estimated in the third quarter as companies reduced their inventories and reduced investment, according to the Commerce Department. The government cut its estimate of growth domestic product (GDP) to 2.0%, from a first estimate of 2.5%, based on new inventory and trade data. Surveyed economists had expected the government to trim its estimate to 2.3%.
The U.S. economy has expanded at a slower rate than expected this Spring as consumers reduced spending, and revisions show that the slowdown since the beginning of the year was more drastic than previously thought, according to a Commerce Department report released today. Gross domestic product (GDP) rose at an annualized seasonally adjusted rate of 1.3% from April to June, and first-quarter growth was revised downward to 0.4% from an earlier 1.9% estimated gain. Economists had expected second-quarter GDP to rise 1.8%.
