GDP Higher; Initial Claims Drop Thursday, November 29, 4:28 PM ET
The economy grew faster than expected in the third quarter. Gross domestic product grew at a 2.7 percent annual rate, according to the Commerce Department. The growth was the fastest since late 2011, and quicker than the 2 percent estimate by the government last month. Growth in consumer spending, which accounts for about 70 percent of economic activity, was lowered by more than half a percentage point.
Separately, the Labor Department announced that initial claims for state unemployment benefits dropped 23,000 to a seasonally adjusted 393,000 last week.
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