Economy Grows by 2.2 Percent in 3Q
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WASHINGTON -- Business growth slowed to a 2.2 percent pace in the late summer, a much better performance than anticipated and an encouraging sign that the housing slump hasn't significantly dragged down the economy.
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The economy grew at an annual rate of 3.7 percent in the summer as a big rebound in auto sales offset weakness from an exploding trade deficit, soaring oil prices and the Florida hurricanes, the government reported Friday.
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The U.S. economy grew faster than first thought in third quarter on strong business investment, even as the housing sector posted its biggest decline in more than 15 years, the government said Wednesday.
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The economy grew by 0.8 percent in the second quarter of this year compared with 0.7 percent during the first three months of 2007, according to official data published on Friday.
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The economy snapped out of a sluggish spell and grew at a faster-than-expected 3.5 percent pace in the final quarter of last year as consumers ratcheted up spending despite a painful housing slump.
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The US economy grew at a 2.8 percent annual rate from April through June, slower than the government estimated last month as higher oil prices limited consumer spending and the trade deficit widened to a record.
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The economy grew at a slower pace than previously thought during the second quarter, official data has shown.
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Britain recorded economic growth of 3.1 percent last year, picking up after a rate of 2.9 percent in 2006, according to official data published on Wednesday.
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Productivity grew at a slightly faster-than-expected annualized pace in the 2nd quarter, the highest since the 3rd quarter of 2005, government data showed.
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The economy grew at a 3.7 percent annual rate in the third quarter &#151; a pace slightly better than in the spring but not as strong as many analysts expected. Friday's government report was the last broad snapshot of economic activity before Election Day and provided political ammunition for both sides.
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The US economy picked up speed in the third quarter to expand at a 3.7 percent annual rate, the government reported Friday in the last significant look at the economy before Election Day on Tuesday.
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The U.S. economy grew at an annual rate of 4 percent in the second quarter, as strong business investment led the fastest pace of expansion since early last year, the government reported on Thursday.
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The economy revved up its engine in the third quarter and advanced at an annual rate of 4 percent_ even faster than previously thought.
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The economy revved up its engine in the third quarter and advanced at an annual rate of 4 percent -- faster than expected. The reading on gross domestic product, released Wednesday by the Commerce Department
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The economy grew at a 3.7 percent annual rate in the third quarter _ a pace slightly better than in the spring but not as strong as many analysts expected.
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The economy grew at a 3.8 percent annual rate in the April-to-June quarter, slightly less robust than a previous estimate of a 4 percent growth rate.
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The US economy grew at a strong pace of 4.0 percent in the second quarter, the government said Thursday in a revised estimate of gross domestic product for the April-June period.