Fiscal Cliff: Obama Calls On Congress To Pass Scaled-Down Package (VIDEO)

(Reuters) - The U.S. economy grew faster than previously thought in the third quarter, helped by exports and government spending, but a sluggish global demand and belt-tightening by Washington looks set to put on the brakes again.

Other data on Thursday showed factory activity in the mid-Atlantic region picked up this month, while home resales in November were the best in three years, indicating the economy retained some vigor early in the fourth quarter.

However, a rise in first-time applications for unemployment aid last week suggested job growth remains modest.

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