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Article: U.S. Economy Grows at 2 Percent Rate in 3rd Quarter
- Article from:
- Xinhua News Agency
- Article date:
- November 27, 1996
CopyrightCopyright 1996 Xinhua English Newswire. Provided by ProQuest LLC. (Hide copyright information)
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The U.S. economy increased at a modest 2 percent annual rate in
the July-September quarter, slower than previously estimated, the
U.S. Commerce Department reported today.
The increase, lower than the original 2.2 percent estimate
released about a month ago, was far below the sizzling 4.7 percent
rate turned in during the second quarter of this year.
The U.S. government attributed the downward revision to a higher
trade deficit than originally estimated and less production going
into business stockpiles.
The report said that consumer spending, about two-thirds of U.S.
economic activity, rose by just 0.6 percent, the poorest showing in
more than five years.
U.S. trade deficit widened at an ...