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Obama: U.S. Economy Grew to 2.7%, Way More Than Estimated

Obama: U.S. Economy Grew to 2.7%, Way More Than Estimated

Let’s see Fox News dodge this news. After two years of Republican efforts in Congress to obstruct President Obama his economic policies would appear to be working.  Working without the help of Republicans.  What did they contribute to these results?  It’s nice that President Obama is meeting with Mitt Romney today for lunch, perhaps he can congratulate the President on these new economic nembers. 

Wall Street Journal: The U.S. economy expanded at its fastest pace in nearly three years in the third quarter as stronger inventory and export gains caused the government to revise its growth reading higher.

NYTimes: The economy grew at a substantially faster pace in the third quarter than first thought, powered by increases in business inventories and federal spending.

Bloomberg: Gross domestic product grew at a 2.7 percent annual rate, up from a 2 percent prior estimate, revised figures from the Commerce Department showed today in Washington. The median forecast of 82 economists surveyed by Bloomberg called for a 2.8 percent gain. Household purchases climbed at a 1.4 percent rate, the least in more than a year and down from a previously reported 2 percent rate, and income gains were also cut.

Wall Street Journal: By another measure, corporate profits after taxes and unadjusted for inventories and capital consumption advanced 18.6% from a year earlier and were up 5.2% from the prior quarter.

U.S. News: The U.S. economy grew at a 2.7 percent annual rate from July through September, much faster than first thought. The strength is expected to fade in the final months of the year because of uncertainty about looming tax increases and government spending cuts.

Star Ledger: Additionally, the number of Americans seeking unemployment benefits fell 23,000 to a seasonally adjusted 393,000 last week.