US Economy Grows More Slowly Than First Thought

Posted November 22nd, 2011 at 10:00 am (UTC-5)
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The U.S. economy grew more slowly than first estimated in July, August, and September.

Tuesday’s report from the Commerce Department says the gross domestic product expanded at a 2 percent annual rate during the third quarter.

That is half a percentage point less than a preliminary estimate.

New data showing that companies have been slow to restock shelves prompted experts to cut their assessment of economic growth.

Some economists say growth is likely to pick up a bit in October, November and December.

An expanding economy is needed to create the millions of jobs needed to cut the unemployment rate from its current 9 percent.