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November 21, 2011

US Economic Growth Slower Than Estimates

The U.S. economy grew more slowly than first estimated in July, August, and September.

Tuesday's report from the Commerce Department says the gross domestic product expanded at a 2 percent annual rate during the third quarter.

That is half a percentage point less than a preliminary estimate.

New data showing that companies have been slow to restock shelves prompted experts to cut their assessment of economic growth.

Some economists say growth is likely to pick up a bit in October, November and December.

An expanding economy is needed to create the millions of jobs needed to cut the unemployment rate from its current 9 percent.

Some information for this report was provided by AP and Reuters.