(WASHINGTON) -- The Commerce Department announced on Thursday that third-quarter Gross Domestic Product grew 2.5 percent, allaying fears that the economy is slipping into another recession.
Economists were expecting GDP to come in at 2.7 percent seasonally adjusted. In the first half of the year, the economy grew at an 0.9 percent pace, far too slow to generate any job growth. Unemployment has remained stubbornly high at over 9 percent.
The revised second-quarter GDP increased at an annual rate of 1.3 percent, the Commerce Department announced at the end of September. In the first quarter, real GDP increased 0.4 percent.
The Labor Department also announced on Thursday that initial jobless claims declined 2,000 to 402,000.
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