U.S. Economy Grew at 2% Rate in 3rd Quarter

The economy grew at a annual rate of 2% in the third quarter, as more positive consumer activity and a healthier housing sector outweighed the effects of the drought, caution on the part of businesses and weaker exports. The new figure, released by the Department of Commerce, is the government’s first estimate of growth in the third quarter. It compares with the 1.3% pace of growth in the second quarter. In the first quarter of 2012, the economy also grew by 2%.

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