WASHINGTON - The Commerce Department yesterday reported that real gross domestic product in the third quarter grew at a revised annual rate of 3.4%, down 0.5-point from a previously revised estimate that showed a 3.9% gain.

"It's a little unusual to have a second revision of this magnitude," said Daryl Delano, senior economist of Cahners Economics Inc., in Newton, Mass. "However, there's really nothing new that's discouraging in this report. There are no red flags regarding the future."

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