U.S. 3Q GDP recalculated at 2.2%
The U.S. economy grew at a 2.2 percent rate in the third quarter, according to the latest revised estimate by the Commerce Department. The government previously estimated third quarter Gross Domestic Product increased 2.8 percent. It's first cut at economic activity during the quarter estimated growth at 3.5 percent.
That followed growth of 0.7 percent in the second quarter.
Third quarter growth was assisted by consumer spending, exports, inventory restocking, and federal government spending. Imports also increased from the previous quarter.
The revisions, based on more accurate data, dampen optimism in some quarters for a quick return to pre-recession levels of employment and wealth.