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US Economy Grows at 3.5 Percent Rate in 3rd Quarter

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 ...

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