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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.
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