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GDP Grew At 2.5% Rate In Third Quarter

The economy expanded at a slightly faster rate than previously thought in the third quarter, the Bureau of Economic Analysis just announced.

It said gross domestic product grew at a 2.5% annual rate in the three months of July through September. Last month, when BEA issued its first estimate for the quarter, it pegged growth at a 2% annual rate.

The third-quarter pace was better than the second-quarter's 1.7%.

Still, as Reuters writes, GDP needs to expand at about a 3.5% annual rate if the nation's 9.6% unemployment rate is going to start coming down.

Planet Money follows the economy's ups and downs over here.