22 November 2011 14:20 [Source: ICIS news]
WASHINGTON (ICIS)--The US Commerce Department on Tuesday revised downward the nation’s third quarter gross domestic product (GDP) growth, saying the economy grew at only 2% rather than the 2.5% GDP expansion estimated in late October.
At 2%, the third quarter’s economic performance was still better than the 1.3% GDP advance recorded in the second quarter and marks a reassuring improvement compared with the first quarter’s barely positive 0.4% GDP gain.
However, the third quarter’s downward revision from 2.5% to 2% indicates that the ?xml:namespace>
In addition, 2% growth is not expected to make any headway in reducing the nation’s 9% unemployment rate.
To make any substantial inroads on the jobless figures, the
The department will issue its third and final estimate of the nation’s third quarter GDP performance on 22 December.
Paul Hodges studies key influencers shaping the chemical industry in Chemicals and the Economy
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