By CountingPips.com
The U.S. economy expanded in the third quarter of 2010 at a slightly quicker pace than previously reported, according to a release by the U.S. Commerce Department. The third government estimate showed that the U.S. Gross Domestic Product grew on an annualized basis by 2.6 percent in the July to September quarter following a real 1.7 percent growth rate in the second quarter and a 3.7 percent gain in the first quarter.
The previous estimate for the third quarter had shown GDP growth by 2.5 percent. This marks the fifth consecutive quarter of U.S. economic growth after the GDP had fallen for four straight quarters over the second half of 2008 and the first half of 2009.
The latest data failed to surpass market forecasts that were expecting GDP growth to be revised to 2.8 percent for the quarter.
