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Weak home building drags down economic growth
Friday October 27, 4:16 PM EDT
By Glenn Somerville
WASHINGTON (Reuters) - A slumping housing sector helped slow U.S. economic growth in the third quarter to its weakest pace in more than three years, the Commerce Department reported on Friday, leading financial markets to raise bets on interest-rate cuts next year.
Gross domestic product, which measures total economic activity within U.S. borders, expanded at a 1.6 percent annual rate during the third quarter, down from 2.6 percent in the second quarter for the slowest advance since the first quarter of 2003.
Link:
http://finance.myway.com/jsp/nw/nwdt_rt.jsp?section=news&feed=bus&src=202&news_id=bus-n26381175&date=20061027
Friday October 27, 4:16 PM EDT
By Glenn Somerville
WASHINGTON (Reuters) - A slumping housing sector helped slow U.S. economic growth in the third quarter to its weakest pace in more than three years, the Commerce Department reported on Friday, leading financial markets to raise bets on interest-rate cuts next year.
Gross domestic product, which measures total economic activity within U.S. borders, expanded at a 1.6 percent annual rate during the third quarter, down from 2.6 percent in the second quarter for the slowest advance since the first quarter of 2003.
Link:
http://finance.myway.com/jsp/nw/nwdt_rt.jsp?section=news&feed=bus&src=202&news_id=bus-n26381175&date=20061027