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| US growth rate revised downwards | US growth rate revised downwards |
| (10 minutes later) | |
| The US economy grew by less than originally estimated between July and September, official figures show. | The US economy grew by less than originally estimated between July and September, official figures show. |
| The latest estimate said the economy grew at an annual pace of 2.2%, down from the previous estimate of 2.8%. The first reading had shown growth of 3.5%. | The latest estimate said the economy grew at an annual pace of 2.2%, down from the previous estimate of 2.8%. The first reading had shown growth of 3.5%. |
| It is the first quarter in which the US economy returned to growth, after four quarters of decline. | It is the first quarter in which the US economy returned to growth, after four quarters of decline. |
| There is concern that the country's high unemployment rate, currently at 10%, could hamper the recovery. | There is concern that the country's high unemployment rate, currently at 10%, could hamper the recovery. |
| If consumers are concerned about where their next pay cheque is coming from, they hold back on spending. | If consumers are concerned about where their next pay cheque is coming from, they hold back on spending. |
| "The recovery is underway, but this does raise concerns about its strength and the prospects for a turnaround in the labour market," said Augustine Faucher at Moody's Economy.com. | "The recovery is underway, but this does raise concerns about its strength and the prospects for a turnaround in the labour market," said Augustine Faucher at Moody's Economy.com. |
| 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. |
| The main factors behind the lower growth were that consumers did not spend as much as first thought, commercial construction was weaker and companies cut back on inventories. | The main factors behind the lower growth were that consumers did not spend as much as first thought, commercial construction was weaker and companies cut back on inventories. |
| Consumer spending was revised to show 2.8% growth compared with the previous estimate of 2.9%. | Consumer spending was revised to show 2.8% growth compared with the previous estimate of 2.9%. |
| Looking forward, Scott Brown, chief economist at Raymond James & Associates expects growth to jump to at least 4% in the fourth quarter because of companies restocking their much-depleted inventories. | Looking forward, Scott Brown, chief economist at Raymond James & Associates expects growth to jump to at least 4% in the fourth quarter because of companies restocking their much-depleted inventories. |
| They have been so dramatically slashed during the recession that even a small pickup in customer demand will force factories to step up production and boost overall economic activity, he said. | They have been so dramatically slashed during the recession that even a small pickup in customer demand will force factories to step up production and boost overall economic activity, he said. |