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Article: In Brief.(Market News)(economic growth)(Report)
- Article from:
- Investment Dealers' Digest
- Article date:
- October 30, 2009
- Author:
CopyrightCOPYRIGHT 2009 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Patrick Temple-West, Lynn Hume, Gary E. Siegel
Advance 3Q GDP Shows 3.5% Growth
WASHINGTON - Gross domestic product increased at a 3.5% annual rate from July through September as consumer spending drove economic growth to its highest rate in more than two years, the Commerce Department reported yesterday.
Consumer spending, which accounts for about 70% of GDP, increased 3.4% at an annual pace, the largest increase since the first quarter of 2007.
Consumption of durable goods jumped at a 22.3% annual rate, the largest increase since the fourth quarter of 2001, aided in part by the "cash for clunkers" program, the report showed.