Economy growth
Economy Grows at Brisk 3.9 Percent Pace in Summer, Best Performance in 1 1/2 Years
31/10/07 08:10 Filed in: Economy & Retirement
AP
Economy Grows at Brisk 3.9 Percent Pace in Summer, Best Performance in 1 1/2 Years
Wednesday October 31, 10:23 am ET
By Jeannine Aversa, AP Economics Writer
WASHINGTON (AP) -- The economy picked up speed in the summer, growing at a brisk 3.9 percent pace, the fastest in 1 1/2 years and an impressive performance even as a credit crunch plunged the housing market deeper into turmoil.
The latest snapshot of the country's economic health, released by the Commerce Department on Wednesday, suggested that the economy is demonstrating much resilience and thus far holding up well to the strains in the housing and credit markets, which had intensified during the third quarter and rocked Wall Street.
A second report from the department showed construction spending rose 0.3 percent in September, the best showing in four months. All-time high spending in both commercial construction by private builders and government projects more than offset weakness in home building.
For the entire July-to-September quarter, individuals ratcheted up their spending. U.S. businesses sold more goods abroad and boosted some investment at home. Those were some of the main factors helping to push up overall economic activity during that period. The ill effects of the housing slump and credit crunch, however, didn't deter consumers in the summer.
Economy Grows at Brisk 3.9 Percent Pace in Summer, Best Performance in 1 1/2 Years
Wednesday October 31, 10:23 am ET
By Jeannine Aversa, AP Economics Writer
WASHINGTON (AP) -- The economy picked up speed in the summer, growing at a brisk 3.9 percent pace, the fastest in 1 1/2 years and an impressive performance even as a credit crunch plunged the housing market deeper into turmoil.
The latest snapshot of the country's economic health, released by the Commerce Department on Wednesday, suggested that the economy is demonstrating much resilience and thus far holding up well to the strains in the housing and credit markets, which had intensified during the third quarter and rocked Wall Street.
A second report from the department showed construction spending rose 0.3 percent in September, the best showing in four months. All-time high spending in both commercial construction by private builders and government projects more than offset weakness in home building.
For the entire July-to-September quarter, individuals ratcheted up their spending. U.S. businesses sold more goods abroad and boosted some investment at home. Those were some of the main factors helping to push up overall economic activity during that period. The ill effects of the housing slump and credit crunch, however, didn't deter consumers in the summer.