GDP Number Surprises - Instant Analysis
The final Gross Domestic Product (GDP) number of the year was released this morning. CNBC has the instant analysis.
Economic growth slowed to a 2 percent pace in the late summer, more sluggish than previously thought, as the real-estate bust weighed on overall business activity.
The new reading on gross domestic product for the July-to-September quarter marked a slight downgrade from the 2.2 percent annual rate estimated a month ago, the Commerce Department reported Thursday.
Larry Levin, President of SecretsOfTraders.com said he was somewhat surprised by the number. (He was expecting 2.2%). He thought there would be some selling off but so far, there hasn't been much.
"Maybe we’re not surprised by 2.0 – maybe this is right in line with expectations. Perhaps investors are more interested in 2007 and what lies ahead (rather than GDP which is a reflective number.)"