There was mixed news on the US economy from two sets of figures this afternoon.
The country's growth figure for the third quarter was revised down to an annual 1.8%, but jobless claims fell to the lowest level since April 2008.
The Labor Department said there were 364,000 claims for unemployment benefits last week, fewer than the 380,000 economists had expected. The figures are the latest sign that the jobs market is in recovery.
But the Commerce Department's final estimate of third-quarter growth was lowered from the previous 2% to 1.8%.
The report showed a sharp drop in healthcare spending, but stronger business investment and a fall in inventories pointed to a pick-up in output in the current period.
Though spending on healthcare dropped by $2.2 billion, spending on durable goods was stronger than previously estimated, indicating household appetite to consume remains healthy.
Even as much of the rest of the world is slowing down and a mild recession is forecast in Europe next year, the US economy remains resilient.
The labour market is improving, households continue to spend, home building is picking up and factory output is expanding, putting the economy on course for at least a 3% growth pace in the fourth quarter. That would be the fastest pace in 18 months.
Despite the downward revision, Q3 growth is still a step-up from the April-June period's 1.3% pace. Part of the pick-up in output during the last quarter reflects a reversal of factors that held back growth earlier in the year - including a jump in petrol prices and supply disruptions from Japan's big earthquake and tsunami in March.
The government revised consumer spending to a 1.7% growth rate from 2.3% because of adjustments to healthcare services, in particular non-profit hospitals. Spending on durable goods was, however, revised up to a 5.7% pace from 5.5%.
Business inventories dropped $2 billion, which sliced off 1.35 percentage points from GDP growth. Inventories had previously been estimated to have declined $8.5 billion. The drag from inventories was offset by strong business spending, which increased at a 15.7% rate, instead of 14.8%.
Export growth was stronger than previously estimated, rising at a 4.7% rate instead of 4.3%. Imports increased at a much faster 1.2% rate rather than 0.5%.
The GDP report also showed some inflation pressures in the economy. A price index for personal spending rose at an unrevised 2.3% rate in the third quarter. A core inflation measure, which strips out food and energy costs, rose at a 2.1% rate rather than 2%. This measure is closely watched by the Federal Reserve.
