Two-Quarter Economic Growth Strongest in 4 Years
Gross domestic product rose at a seasonally adjusted 3.9% annual rate July through September, the Commerce Department said Wednesday in the first estimate of third-quarter GDP. Second-quarter GDP climbed 3.8% and GDP rose only 0.6% in the first three months of 2007.
Wall Street expected a solid but smaller GDP growth rate. The median estimate of 24 economists surveyed by Dow Jones Newswires was 3.2% GDP growth during the third quarter.
MP: The solid 3.9% growth in third quarter GDP shows that the U.S. economy remains healthy and continues on a solid expansionary path, as the U.S. economic expansion approaches its 6th anniversary on December 1, 2007.