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GDP revised down to 2% in third quarter:

By Rex Nutting
Last Update: 8:30 AM ET Dec 21, 2006

http://tinyurl.com/ya6wkv

WASHINGTON (MarketWatch) - The U.S. economy grew at a 2% real seasonally adjusted annual rate in the third quarter, slightly lower than the 2.2% estimated a month ago, the Commerce Department reported Thursday.

It was the slowest growth since the fourth quarter of 2005.

The economy grew at a 2.6% pace in the second quarter.

The big picture take-away from third and final estimate of gross domestic product was little changed from the report from a month earlier.

As before, the collapse of homebuilding was a large drag on growth, offset by healthy consumer spending and robust capital spending by businesses.

Disposable personal incomes were revised higher, while profits were slightly lower, although profits have still risen at the fastest pace in 22 years over the past year.

Core consumer prices were unrevised in the report, showing a 2.2% annualized gain, still in the Federal Reserve's discomfort zone.