Economy grows at slightly faster pace in 3Q
Shoppers carry their purchases bags on Fifth Avenue in Manhattan. (Oct. 25, 2010) Credit: AP
The economy grew at a slightly faster pace over the summer as Americans spent a little more freely.
The government reports the economy expanded at a 2 percent annual rate in the July-September quarter. It marked an improvement from the feeble 1.7 percent growth in the April-June quarter.
Still, the economy isn’t growing at a strong enough pace to make a noticeable dent in high unemployment.
Consumers boosted spending at a 2.6 percent pace. That marked the biggest quarterly increase since a 4.1 percent gain at the end of 2006 before the recession hit.
Out East Show: Visit The Shamrock evergreen maze, Sannino Vineyard, Seven Ponds Orchard and the Warrior Ranch Foundation NewsdayTV's Doug Geed is heading 'Out East' to showcase the ultimate local spots you need to explore.
Out East Show: Visit The Shamrock evergreen maze, Sannino Vineyard, Seven Ponds Orchard and the Warrior Ranch Foundation NewsdayTV's Doug Geed is heading 'Out East' to showcase the ultimate local spots you need to explore.
