Third-Quarter GDP Revised Up to 2.5%



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 Updated:
11/23/2010 8:45:00 AM

The U.S. gross domestic product rose at a 2.5% annual rate in the third quarter, higher than originally estimated, the Commerce Department said Tuesday.

Commerce last month estimated third-quarter GDP growth at a 2% rate. Second-quarter GDP growth was 1.7%.

The revised level was about in line with analysts’ forecasts of 2.4% growth, Bloomberg reported.

Consumer spending, which accounts for about 70% of the economy, rose at a 2.8% rate, the fastest since the last quarter of 2006.

Tuesday’s GDP figure is the second of three to be put out by Commerce.

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