Economy Grew Faster This Summer Than First Thought

By: AP
By: AP

WASHINGTON, D.C. (November 23, 2010)-U.S. economists say the economy grew at a more rapid rate during summer 2010 than they had initially predicted.

The more robust growth was attributed to stronger consumer spending by U.S. shoppers and improved overseas sales of U.S. goods.

The Commerce Department reports that gross domestic product
increased at a 2.5 percent annual rate in the July-September
quarter, eclipsing the 2 percent pace initially estimated last month.

More brisk spending by American consumers, especially on autos
and other big-ticket goods, and stronger sales of U.S. exports to
foreign customers were the main reasons for the upgrade.

Still, the modest improvement isn't enough to drive down the 9.6
percent unemployment rate.

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