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U.S. markets recover from steep losses
WASHINGTON, Dec. 21 (UPI) -- The sharpest housing slump in 15 years meant the U.S. economy did not do as well as expected over the summer months, the Commerce Department said.
Gross domestic product rose at an adjusted 2 percent annual rate July through September in the new U.S. Commerce Department report. That was a revision down from the previous third quarter estimate of 2.2 percent, The Wall Street Journal said.
Consumer spending, the biggest component of GDP, was up 2.8 percent, down from a previously reported 2.9 increase.
The number of workers filing new claims for unemployment benefits rose 9,000 to 315,000 in the week ended Dec. 16, the U.S. Labor Department said Thursday.
The prior week's reading was revised to 306,000 from a previously reported level of 304,000.
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