U.S. economy beats predictions for quarter

Photo courtesy of Creative Commons
Photo courtesy of Creative Commons

The American economy turned in a better performance last quarter than first thought, expanding at a 2.1 percent rate, the government said Tuesday.

Economists attribute the growth to businesses restocking shelves at a faster pace than the government first estimated, boosting overall growth.

On a downbeat note, however, consumer confidence unexpectedly slipped to 90.4 from 99.1 in October.

Overall, the economy is on pace for annual growth this year of about 2.4 percent, which would be the same as last year.

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