Tuesday, December 22, 2009

Economic Rebound Weaker Than Thought

Consumer spending up - but recovery less than previous estimate
Consumer spending up - but recovery less than previous estimate

The U.S. Commerce Department’s Bureau of Economic Analysis today released the third estimate of gross domestic product for the third quarter of 2009. Growth in real GDP was 2.2 percent at an annual rate, revised from the previous estimate of 2.8 percent.

“The third-quarter gain marked the start of an economic recovery after a very deep recession,” U.S. Commerce Under Secretary Rebecca Blank said.

“Consumer spending, residential construction and imports and exports have all moved from declines into positive growth in the third quarter. Business nonresidential investment is lagging in other sectors, but recent data suggest that the economy is continuing its expansion in the fourth quarter.

"We won’t be satisfied until any American who wants work can find it, but strong fiscal and monetary actions have contributed to this upturn and will encourage further growth in the coming year,” she said.



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