US GDP Growth Lower Than Expected

Third quarter growth for the U.S. economy as measured by Gross Domestic Product was less than expected during the third quarter. Gross domestic product climbed at a 1.8 percent annual rate from July through September, down from the 2 percent estimated last month, revised Commerce Department figures showed today in Washington.

“The fourth quarter should be the strongest of all this year,” said Stuart Hoffman, chief economist at PNC Financial Services Group Inc. “We are avoiding a recession and the persistent calls for a double dip are wrong.”

Source: Bloomberg

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