U.S Economy Grew at Annual Rate of 2% During Third Quarter
CNN - 10/26/2012
U.S. economic growth picked up in the third quarter, boosted by stronger consumer spending, an improving housing sector and increased defense spending. First-time claims for unemployment fell in the week ended October 20, down 23,000 from the previous week.
• Gross domestic product, the broadest measure of the nation's economic health, grew at an annual rate of 2% from July to September.
• Residential construction accelerated at a 14% pace, signaling the housing sector may have finally started recovering.
• Consumer spending, which makes up more than two-thirds of the entire U.S. economy, grew at an annual pace of 2% in the third quarter. It was supported mainly by stronger auto sales.
• Higher federal defense spending also boosted the economy, growing at a 13% annual rate after shrinking in the three prior quarters
