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Third-Quarter GDP Revised Upward Again to 2.6%

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12/22/2010 11:45:00 AM

The U.S. gross domestic product rose at a 2.6% annual rate in the third quarter, higher than previous estimates, the Commerce Department said Wednesday in its final revision.

Commerce last month estimated third-quarter GDP growth at a 2.5% rate, and its first figure a month earlier was 2%. Second-quarter GDP growth was 1.7%.

The revised level was slightly below analysts’ forecasts of 2.8%, Bloomberg reported.

Consumer spending, which accounts for about 70% of the economy, rose at a 2.4% rate, the fastest since the first quarter of 2007 but slightly below last month’s estimate.

Wednesday’s GDP figure is the final of three to be put out by Commerce.

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Emil Estafanous, CPA, CFF, CGMA