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GDP Grows 2% in Q3

Growth fits economists' predictions

By the Associated Press

Posted Oct 29, 2010 8:54 AM CDT

(AP) – The economy grew slightly faster over the summer as Americans spent a little more freely: The GDP grew at a 2% rate during the third quarter, in line with what economists had forecast. It marks a slight improvement over last quarter, when the GDP grew at a 1.7% rate. Consumers helped boost last quarter's economic growth with 2.6% growth in spending, the biggest quarterly increase since the end of 2006, before the recession hit.

A stock-market rebound made people feel better about spending. Bargains, on everything from cars to home furnishings, also drew them out. But to have any impact on the 9.6% unemployment rate, consumers need to spend even more, and the economy would need to rack up growth of 5% for a full year.

In this Sept. 30, 2010 file photo, traders gather at a post on the floor of the New York Stock Exchange, in New York.
In this Sept. 30, 2010 file photo, traders gather at a post on the floor of the New York Stock Exchange, in New York.   (AP Photo/ Richard Drew)
Household items are displayed in a store window.
Household items are displayed in a store window.   (AP Photo/Mark Lennihan)
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COMMENTS
Showing 3 of 6 comments
cornelison
Oct 29, 2010 10:14 AM CDT
All done without any support from the GOP. GOP not needed in D.C.
sailor86
Oct 29, 2010 9:30 AM CDT
2%? What's that? If my income grew 2%, I wouldn't feel a thing. Oh, the massiveness of our economy.
alexpm
Oct 29, 2010 9:03 AM CDT
Slow but steady progress! Good leadership takes time.

Copyright 2012 Newser, LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

Money • US

 
stock market • Wall Street • NASDAQ • economic growth • Dow Jones • futures market • Standard and Poor • economy • US gross domestic product • stock futures • Standard & Poor's

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