US economy grows at faster than expected rate

WASHINGTON (AP) -- The U.S. economy has been growing at a faster rate than had been estimated earlier -- a 2.7 percent annual rate from July through September.

But economists believe growth is slowing to a rate below 2 percent in the current quarter because of disruptions from Superstorm Sandy and worries about sharp tax increases and spending cuts that would occur in January without a budget deal in Washington.

There's also word today that the number of new jobless claims fell for a second week in a row, after the storm drove applications much higher earlier in the month.