Just in: The United States GDP Grew 2% — Better than Expectedby Dee Dee Garcia Blase on Oct. 26, 2012, under economic news, national security
We are thankful for that since we are still recovering from the George W. Bush years when our housing market crashed catapulting us into recession among other things.
If you are an American patriot, we really do appreciate any kind of bounce and good news as it applies to our Nation.
WASHINGTON (MarketWatch) – The U.S. economy grew 2.0% in the third quarter, fueled by higher consumer and government spending and more home building, according to a preliminary government estimate. Economists surveyed by MarketWatch projected gross domestic product would rise to 1.7% from 1.3% in the second quarter. Consumer spending, which has the biggest impact on GDP, rose 2.0% in the July-to-September period, compared to 1.5% in the second quarter. Real final sales of U.S.-made goods and services advanced 2.1%, compared to 1.7% in the prior three-month period. Government spending jumped 3.7%, the biggest increase since mid-2009, mainly because of higher defense outlays. Also, investment in housing surged 14.4%. Net imports, which subtract from GDP, fell 0.2%. Exports dropped a sharper 1.6%. Business investment outside the residential sector fell 1.3%, the biggest drop since late 2009. Inflation as measured by the consumer PCE index rose 1.8%, or 1.3% excluding food and energy. Disposable income moved up 2.6%, but that was down from a 3.8% increase in the second quarter. The personal savings rate fell to 3.7% from 4.0%