Third Quarter GDP Growth Revised Up to 2.7%

Comstock/Thinkstock(WASHINGTON) -- The economy grew at an annual rate of 2.7 percent during the summer quarter, higher than the government's first estimate.

The Commerce Department says growth was more than twice the rate of earlier this year.

Most economists expect growth to slow down again this quarter for two reasons: Superstorm Sandy and worries about the approach of fiscal cliff tax hikes.

Another report out Thursday showed weekly jobless claims fell to 393,000, down 23,000 from the week before.

Copyright 2012 ABC News Radio

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