US 3rd Q GDP Revised Downward

[MTI]

U.S. revises downward its third-quarter GDP estimate - latimes.com

The Commerce Department cut its calculation of gross domestic product to 2% growth in the July-to-September period from an initial reading of 2.5%. Economists surveyed by MarketWatch expected the government to trim its estimate to 2.3%.

Still, the 2% growth rate was the fastest since the fourth quarter of 2010. Most economists predict that the U.S. economy will grow even faster in the final three months of this year — 2.5% based on the latest MarketWatch forecast.

The economy only grew at a 1.3% rate in the second quarter and 0.4% in the first quarter.

Good news in form of "it could have been worse."

[MS Fowler]

Haven't you seen the pattern?
The experts always give rosy initial numbers which the WH repeat, and the media proclaim. Then, in almost every case, the numbers are revised downward. Can't recall a recent upward revision, except to unemployment.