BY JON HILSENRATH AND LUCA DI LEO
The U.S. economy's third-quarter rebound was more tepid than originally believed, the government said, though Federal Reserve officials slightly marked up their expectations for growth this year and in 2010.
The nation's gross domestic product -- the value of U.S. output of goods and services -- grew at a 2.8% annual rate in the third quarter, adjusted for inflation, the Commerce Department said, lowering the 3.5% estimate it made last month. The trade deficit turned out to be wider than previously estimated, and consumer spending didn't grow as fast as thought.
Corporate profits logged their biggest gain since early 2004, ...
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