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US economic growth revised down US economic growth revised down
(about 1 hour later)
The US economy grew by far less than originally forecast between July and September, according to revised official figures.The US economy grew by far less than originally forecast between July and September, according to revised official figures.
The latest estimate said the economy grew at an annual pace of 2.8%.The latest estimate said the economy grew at an annual pace of 2.8%.
That compared with the 3.5% the Department of Commerce initially forecast earlier this month.That compared with the 3.5% the Department of Commerce initially forecast earlier this month.
The change in the gross domestic product figure came partly because imports, which count as negative, were higher than thought.The change in the gross domestic product figure came partly because imports, which count as negative, were higher than thought.
The growth was helped by a substantial government spending plan, including a scrappage scheme to boost car sales. Imports increased at an annual rate of 21%, the biggest gain since the second quarter of 1985, and a big jump on the 16% first thought.
The official figures still indicate recession has ended, but some economists think there could be further setbacks.
The growth in third quarter GDP is the first time the US economy has expanded since the second quarter of 2008, when it grew at an annual pace of 2.4%.
US GDP is expressed as an annualised rate, or annual pace, which shows what the annual rate would be if the latest change continued for the rest of the year.US GDP is expressed as an annualised rate, or annual pace, which shows what the annual rate would be if the latest change continued for the rest of the year.
Further hurdles
Economic growth, though, was helped by a substantial government spending plan, including a scrappage scheme to boost car sales, and higher investment in residential property.
The consumer still isn't there... This will be muted, slow recovery and it will be strewn with setbacks TJ Marta, independent market strategist
The figures still indicate the first quarterly growth in GDP since the second quarter of 2008, and appear to have put an end to the worst recession in the US for 70 years.
But some economists think there could be further setbacks.
"The consumer still isn't there. Other data suggest that the effect from 'cash for clunkers' and first-time home buyer credits are fading," said independent market strategist TJ Marta.
"This will be a muted, slow recovery and it will be strewn with setbacks."