Statement from U.S. Department of Commerce on the Second Estimate of GDP in the Third Quarter of 2010

On Nov. 23 the U.S. Commerce Department’s Bureau of Economic Analysis  released the second estimate of gross domestic product (GDP) for the third quarter of 2010.  Real GDP grew at a 2.5 percent annual rate in the third quarter, revised up from the advance estimate of 2.0 percent and slightly higher than private-sector expectations of a 2.4 percent increase.  The upward revision reflected data that were not available for the advance estimate.

The upward revision of GDP growth is good news but it also indicates that the U.S. economic recovery is not yet sufficient to make anything more than a very minor difference in jobs recovery.

Source: United States Department of Commerce

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