U.S. GDP revised up to 4.9% for third quarter

The U.S. economy expanded at the fastest pace in four years during the third quarter, growing at a real annual rate of 4.9%, the Commerce Department said Thursday in making its second estimate of growth for the three-month period.

The upward revision to gross domestic product, in line with Wall Street expectations, was due to larger inventory building and a better trade balance.

A month ago, the government pegged third-quarter GDP at 3.9%. The government publishes three estimates of GDP, adding more complete information with each passing month.

Real GDP has increased 2.8% in the past year, close to the economy's long-run potential.

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- Posted: 2007-11-29 09:38:05

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