Gross domestic product grows, but below expectations

The U.S. gross domestic product grew 2.6 percent from July through September, higher than a previous government estimate, but still below the expectations of economists.

The government had estimated last month that the third-quarter growth would be 2.5 percent, while economists had pegged it at 2.9 percent. The new data is yet another indication that the economic recovery continues to occur, but at a sluggish pace.

Meanwhile, new data indicated that inflation was even lower than previously thought. The price index for personal consumption, which the government uses to track inflation, rose 0.8 percent from July through September, slightly lower than the 1 percent increase estimated last month.