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Recovery not as strong as previously thought – AP

Posted By Jacob Laksin On December 22, 2009 @ 10:38 am In Uncategorized | No Comments

The economy grew at a 2.2 percent pace in the third quarter, as the recovery got off to a weaker start than previously thought. However, all signs suggest the economy will end the year on stronger footing.The Commerce Department’s new reading on gross domestic product for the July-to-September quarter was slower than the 2.8 percent growth rate estimated just a month ago. Economists were predicting that figure wouldn’t be revised in the government’s final estimate on third-quarter GDP.The main factors behind the downgrade: consumers didn’t spend as much, commercial construction was weaker, business investment in equipment and software was a bit softer and companies cut back more on inventories, according to Tuesday’s report.

via Recovery not as strong as previously thought – Yahoo! News [1].

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[1] Recovery not as strong as previously thought – Yahoo! News: http://news.yahoo.com/s/ap/20091222/ap_on_bi_go_ec_fi/us_economy;_ylt=AownLyZ5vL0NLU7JV53iK9qs0NUE;_ylu=X3oDMTNhZHJhdmdoBGFzc2V0A2FwLzIwMDkxMjIyL3VzX2Vjb25vbXkEY2NvZGUDbW9zdHBvcHVsYXIEY3BvcwMyBHBvcwM3BHB0A2hvbWVfY29rZQRzZWMDeW5fdG9wX3N0b3J5BHNsawNyZWNvdmVyeW5vdGE-

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