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Commerce: Third-Quarter Growth Not as Strong

The U.S. Department of Commerce has revised its gross domestic product (GDP) figure for the third quarter of 2009 to 2.2 percent growth, a downward revision from the 2.8 percent estimate issued last month. In a statement, Commerce says the new figure is based on more complete source data, and reflects growth between the second and third quarters. The main factors to the downward revision include lower consumer spending, less new construction and less business investment in equipment and software. The first estimate for fourth-quarter GDP will be released on January 29.

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