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Tue November 22, 2011
Economy Grew Less Than Previously Thought In Third Quarter
The U.S. economy grew at a 2 percent annual rate in the third quarter, the Bureau of Economic Analysis just reported.
That's a downward revision from BEA's original estimate of 2.5 percent growth. The agency will issue one more estimate for the quarter on Dec. 22.
According to The Associated Press, the "downward revision was largely because of a lower estimate for inventory rebuilding. Economists believe this could lead to stronger growth in the current quarter, if businesses foresee more demand."
Reuters reaches the same conclusion, saying that "sturdy consumer spending" this quarter should prompt businesses to add to inventories — and give the whole economy at least a little lift.