Economic rebound weaker than first thought (Third time a charm?)
Date: 2009-12-22, 9:12AM EST
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WASHINGTON - The U.S. economy grew at a much slower pace than initially thought in the third quarter, restrained by weak business investment and a slightly more aggressive liquidation of inventories, according to data on Tuesday.
The Commerce Department's final estimate showed gross domestic product grew at a 2.2 percent annual rate instead of the 2.8 percent pace it reported last month. Analysts polled by Reuters had forecast the report to show GDP, which measures total goods and services output within U.S. borders, unrevised at a 2.8 percent growth rate in the third quarter.
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HMMM how will the " you said" fraud spin this one i wonder? This is the third time they have revised this number -The President and Dems have been touting the growth in GDP as signs that the recession is over have they not? Please also keep in mind that these low numbers are also inflated by the gov't who spent billions of taxpayers dollars on Cash for Clunkers and that huge success known as ARRA - You know that bill that put signs all over the highways touting Obama and ARRA - The same roads that are untouched yet supposedly they were all "shovel ready" -
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