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RJ & Makay

Our view of news, events and human capital trends in the financial services industry.

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Third-quarter GDP growth rate cut by 0.5 percent: Commerce Department

Posted by RJ and Makay on Nov 22, 2011

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GDP 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%.