The economy grew in the third quarter:
For the first time in a year, the United States economy grew, the Commerce Department said on Thursday. But even if a recovery is technically in the offing, job seekers likely will not begin to feel the benefits for months to come.Of course, there were also another 530,000 new claims for unemployment filed and I am wondering just how much we can expect GDP to rise with so many out of work. We'll just have to see how much of this 'gowth' was due to one time deals and lowered payroll costs. I am still of the opinion that we are going to have a 'double dipper' where the GDP goes back negative. I hope I am wrong.
Gross domestic product expanded at an annual rate of 3.5 percent in the three months ending in September, a significant spike from a relatively shrunken base. The economy had contracted at annual rates of 0.7 percent and 6.4 percent in the second and first quarters of this year, respectively.
Robust government spending, exports, consumer spending — buoyed by auto purchases Congress’s now-expired cash-for-clunkers program — and housing helped finally push the measure into positive territory. Spending on consumer durable goods like cars shot up an astounding 22.3 percent at an annual rate, compared to a decrease of 23.3 percent the previous quarter.