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U.S. economy grew slightly faster during the third quarter

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The U.S. economy expanded at a 2 percent annual rate during the third quarter, an improvement compared with 1.7 percent growth during the second quarter, according to The Washington Post. However, the economy still isn't growing fast enough to significantly affect high unemployment.

A stock market rebound and bargains led to more spending by Americans. Economic growth was boosted by a 2.6 percent increase in consumer spending, which is better than the second quarter's 2.2 percent growth rate and the biggest quarterly increase since the end of 2006.

However, to truly affect the 9.6 percent unemployment rate, consumers must spend even more and the economy must maintain 5 percent growth for a full year.

Businesses also contributed to economic growth, spending more on equipment and software, as well as commercial construction projects. But they also have cut spending on housing projects.

The Federal Reserve most likely will launch an aid program this week to help strengthen the economy. The current quarter is expected to expand at a 2.4 percent pace.


11/1/2010

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