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US Economy Grows at 3.5 Percent Rate in 3rd Quarter
- Article from:
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Xinhua English Newswire
- Article date:
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October 31, 1997
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Copyright informationCopyright 1997 Xinhua English Newswire. Provided by ProQuest LLC. (Hide copyright information)
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The U.S. economy expanded at an annual rate of 3.5 percent in the
third quarter of this year resulting from strong consumer spending
and business investment, U.S. commerce Department reported today.
The growth rate in the gross domestic product (GDP) the sum of
all goods and services produced within U.S. borders was even better
than the healthy 3.3 percent rate in the second quarter. The U.S.
economy gained at a torrid 4.9 percent annual rate in the first
three
months.
The report said that consumer spending, which accounts for
two-third of U.S. economic activities, grew at a 5.7 percent annual
rate in July-September quarter, the strongest since the first
quarter
of 1992. It compared ...