The U.S. economy grew at a 2.7 percent annual rate in the third quarter, the Bureau of Economic Analysis says. That's a sharp upward revision in its estimate of gross domestic product growth from mid-summer into the fall. In its first look at the quarter's GDP, the agency estimated growth at a 2 percent annual rate.
According to BEA, consumer spending, inventory investment, exports and federal spending all contributed to growth from July 1 through Sept. 30.
Originally published on Fri November 30, 2012 3:03 am
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In the latest effort to avoid the automatic fiscal cliff tax hikes and spending cuts, Treasury Secretary Timothy Geithner meets today with Democratic and Republican congressional leaders on Capitol Hill.
NPR business news starts with GM investing in China.
General Motors says it's building a $1 billion factory with its joint venture partners in China. It's set to open in 2015 and will be the third GM plant in what is now the world's biggest auto market. The company hopes the plant will eventually produce up to two million vehicles a year. Auto sales in China are expected to hit 20 million this year - about five million more than in the U.S. Transcript provided by NPR, Copyright National Public Radio.
NPR's Philip Reeves, reporting on 'Morning Edition'
At the United Nations this afternoon, the General Assembly is expected to overwhelmingly approve a resolution that would shift the status of Palestinians from that of a "non-member observer entity" to a "non-member observer state."