US economy grows in Q3, unemployment claims fall

The US economy grew 2.7 percent in the third quarter of this year where also the unemployment claims recorded a drop across the nation last week, official adapt showed here Thursday. The Department of Commerce indicated that real gross domestic product increased at an annual rate of 2.7 percent in the third quarter of 2012. In the second quarter, real GDP increased 1.3 percent. According to the Department, the increase in real GDP in the third quarter "primarily reflected positive contributions from personal consumption expenditures (PCE), private inventory investment, federal government spending. " Meanwhile, the Department of Labor showed in a report that in the week ending November 24, the advance figure for seasonally adjusted initial claims was 393,000, a decrease of 23,000 from the previous week's revised figure of 416,000. It added that the four-week moving average was 405,250, an increase of 7, 500 from the previous week's revised average of 397,750.