- The economy grew at 1.3 percent in the second quarter of the year, below the previously reported rate of 1.7 percent, the Commerce Department said on Thursday in its third and final estimate of that period.
- Economists surveyed by MarketWatch had expected the rate of growth for the real gross domestic product to hold at the 1.7 percent reported in late August, a 0.2 percentage point increase from the initial report.
- The slower-than-expected economic growth rate for the April-June period was in part a reflection of the worst drought in half-a-century, according to Reuters.
- Not all the economic news on Thursday was bad. In a sign of improvement in the job market, the Labor Department reported that initial jobless claims totaled 359,000 last week, a drop from 385,000 the week before.
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