GDP report: Growth revised lower in third quarter

The economy didn't fare as well as originally thought between July and September.

Gross domestic product, the broadest measure of the nation's economic output, grew at a 2.0% annual rate in the quarter, the Commerce Department said Tuesday. That's down from 2.5% growth originally reported last month.

The government typically revises its GDP estimates twice, and Tuesday's report is the first revision to the third quarter figure.

"Usually, the second shot at GDP will bring about some significant changes," said Jennifer Lee, senior economist with BMO Capital Markets. "I don't think we should be too shocked."

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- Posted: 2011-11-22 10:19:35

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