US Economy Grows More Slowly Than First Thought

Posted November 22nd, 2011 at 4:35 pm (UTC-5)
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The U.S. economy grew more slowly in July, August, and September than first estimated.

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.

Boosting economic growth was under consideration at the most recent meeting by top officials of the U.S. central bank. Notes from their November 1 meeting, published Tuesday, show that some members favor more steps to make it easier to borrow money in the hope of stimulating the economy.