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GDP Revised Higher, But Will 4Q Growth Be Threatened By Hurricane Sandy And Looming Fiscal Cliff?

2012-11-29 9 Dailymotion

<p>The U.S. economy grew more than previously estimated in the third quarter as a narrower trade deficit and gains in inventory overshadowed a smaller gain in consumer spending.<br /><br />Revised figures from the Commerce Department showed that gross domestic product grew at a 2.7 percent annual rate, up from a 2 percent prior estimate.<br /><br />But economists fear growth will weaken in the October - December quarter due to the aftermath of Hurricane Sandy, as well as the “fiscal cliff” dilemma in Congress.<br /><br />-<br /><br />The National Association of Realtors said on Thursday its Pending Home Sales Index, based on contracts signed in October, rose more than expected, a sign the housing market recovery advanced into the fourth quarter despite Hurricane Sandy and concerns over the looming fiscal cliff.<br /><br />Last week, housing starts rose to their highest rate in more than four years in October, but data this week showed new single-family home sales fell slightly in October.</p>

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