Economy grows at fastest pace in 2 years

October 29, 2009

(ChattahBox) — The Commerce Department, in its first estimate of third-quarter gross domestic product (GDP) said it had risen at higher-than expected 3.5 percent annual rate, the best showing in two years, fueled by government-supported spending on cars and homes. If they are right (market expectations were for a 3.3 percent rate), it would end the streak of four straight quarters of contraction, the first time that’s happened on records dating to 1947. But while there is a growing consensus that the so-called Great Recession ended some point earlier this year the worst recession since the 1930s., one quarter of solid economic growth does not indicate a trend just yet.  The official established start and end dates of U.S. recessions are made by the National Bureau of Economic Research, a research organization whose conclusions on business cycles are widely accepted.  The economy slipped into recession at the end of 2007, and so far the National Bureau of Economic Research are taking a wait and see position like the rest of us before saying it’s over.


Comments

One Response to “Economy grows at fastest pace in 2 years”

  1. mike on October 29th, 2009 1:30 pm

    And we’re just supposed to trust these Government “reports”?

    How can they say we’re out of a recession when home foreclosures are surging still (see http://www.foreclosure.com) and auto repossessions are skyrocketing (see http://www.repofinder.com)?

    I’ll trust my magic 8 ball over Government “reports”.

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