GDP Grew by 2.7 Percent

    NEW YORK, NY - JULY 16:   A shopper looks at clothing at an Old Navy store in Manhattan on July 16, 2012 in New York City. Retail sales declined for a third straight month as the U.S. economic recovery remains shaky.  (Photo by Mario Tama/Getty Images)

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    The Commerce Department on Thursday said that U.S. gross domestic product grew 2.7 percent in the third quarter—a 35 percent jump from its previous estimate. Annualized GDP growth in the second quarter was 1.3 percent. The added growth came largely from federal government spending, homebuilding, and larger business inventories, while state and local spending cuts were a drag on GDP growth.

    Read it at Commerce Department