(WASHINGTON) -- The government released its first look at the Gross Domestic Product for the third quarter, showing the overall economy grew at a two percent seasonally-adjusted pace. This is exactly what economists had predicted.
GDP is the broadest measure of the nation's economic health, accounting for all the goods and services produced by this country. Friday's report marks the fifth quarter in a row in which the economy has expanded. The number is subject to revision.
Economists say the report shows a second dip into the recession is unlikely but it also shows an economy that is muddling through the recovery.
President Obama responded to the modest new economic growth numbers with another small business event, this time at a sheet metal company in Beltsville, Maryland. The president showed off a new report from the Department of the Treasury that claims there are still more tax breaks that would help small and medium sized businesses like the company he was visiting, Stromberg Sheet Metal, take accelerated deductions for expansion and new hiring.
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