U.S. economic growth picked up slightly in the third quarter, rather than slowin...
WASHINGTON, - U.S. economic growth picked up slightly in the third quarter, rather than slowing as initially reported, amid a stronger pace of inventory accumulation and a less steep decline in business investment.
The economy grew at a 2.0% pace in the April-June period. Economists polled by Reuters had forecast third-quarter GDP growth would be unrevised at 1.9%. The average of GDP and GDI, also referred to as gross domestic output and considered a better measure of economic activity, increased at a 2.3% rate in the July-September period, quickening from a 1.4% growth pace in the second quarter.
Growth has slowed from the 3.1% rate notched in the first three months of the year. But the risks of a recession in the near term have subsided as the housing market has rebounded from last year’s soft patch, driven by lower mortgage rates.
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