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U.S. GDP growth is revised upward to 2.7% for third quarter
Revised figures for U.S. growth in the third quarter showed the economy expanding at a 2.7% pace, much better than the original estimate of 2.0%. However, consumer spending for the period was lower than expected, growing at a 1.4% annual rate. "The pace of consumer spending was disappointing, but it seems less worrisome given that some other sectors of the economy are doing better, like housing," said Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ in New York.

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