Thursday, October 27, 2011

Consumer Spending, GDP Indicate Economic Confidence

Posted By on Thu, Oct 27, 2011 at 9:15 AM

The nation's economic growth increased at its fastest rate in a year in the third quarter. The U.S. Commerce Department said consumers and businesses began setting aside fears about the recovery while stepping up spending.

The U.S. gross domestic product expanded at an annual rate of 2.5 percent in the third quarter, a significant acceleration from the 1.3 percent pace in the April-June quarter. The GDP is the market value of all goods and services produced in a given period. It is traditionally considered a barometer of a nation's standard of living.

Spending was tangibly greater is gasoline and car sales July through September. Government spending was flat, reflecting continued budget cuts by state and local entities.

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