Economy Grows In Third Quarter, Signals End Of Recession

The economy grew at a 3.5 percent pace in the third quarter, the best showing in two years, fueled by government-supported spending on cars and homes.

The Commerce Department report delivered the strongest signal yet that the economy entered a new, though fragile, phase of recovery and that the worst recession since the 1930s has ended.

The much-awaited turnaround ended the streak of four straight quarters of contracting economic activity, the first time that's happened on records dating to 1947.

It also marked the first increase since the spring of 2008, when the economy experienced a short-lived uptick in growth.

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  • by Cactus Location: Strabane on Oct 30, 2009 at 03:40 PM
    Yep we are now free of the recession, obama has provided 600,000 jobs, Biden says they created or saved 1,000,000 jobs (he must not talk to obama), guess that's why the stock market fell 250 points.
  • by Wolfgang Location: Chocowinity,NC on Oct 30, 2009 at 11:43 AM
    You want Obama's propaganda , or facts. Consumer spending plunged in September by the largest amount in nine months, reflecting the end of the government's Cash for Clunkers auto sales program. Incomes, the fuel for future spending, were flat. While the government reported that the overall economy grew in the July-September period, signaling the end of the worst recession in seven decades, the weakness in spending and incomes as the quarter ended underscores the fragility of the recovery. On Wall Street, investors pulled back and stocks erased all the previous day's big gains. The Dow Jones industrial average dropped about 235 points in afternoon trading, Now well below 10,000 again and broader indexes also plunged. The biggest declines were among banks, energy and materials companies. Economists worry that the recovery could falter in coming months if households cut back on spending to cope with rising unemployment, heavy debt loads and tight credit conditions.
  • by Wolfgang Location: Chocowinity,NC on Oct 30, 2009 at 10:16 AM
    Sorry there are more facts. With rising unemployment. Wages and salaries fell 0.2 percent, erasing a 0.2 percent gain in August. A second report showed that wages and benefits including health care rose just 1.5 percent for the 12 months ending in September. That's the smallest increase for the Labor Department's Employment Cost Index on records that date to 1982. The concern is that much of third-quarter growth stemmed from temporary government programs such as the clunkers sales incentives that ended in August. The government said Thursday the gross domestic product, the broadest measure of economic health, expanded at an annual rate of 3.5 percent in the third quarter, the first increase after a record four straight declines. A 3.4 percent rise in consumer spending, which accounts for 70 percent of total economic activity, powered the gain. And consumers appear willing to pay a little more for Colgate toothpaste, Kellogg's Frosted Flakes and Gillette Fusion shavers,
  • by Anonymous on Oct 30, 2009 at 08:39 AM
    Lavon....look at the facts, buddy!! The growth stems from all the Obama (and his admin.) government programs......It grew a little with our tax dollars..First time home buyers, cash for clunkers,etc!!..The working man is still giving his/her money to the non-working folks (more so than ever)!!!!!!
  • by lm Location: nc on Oct 29, 2009 at 07:01 PM
    The only reason that the economy grew at all was because of the government throwing money at the economy. People didn't get new jobs and businesses didn't invest more. It all because of the government.
  • by Anonymous on Oct 29, 2009 at 11:31 AM
    The key stat on here is "fueled by govt. supported spending on cars and homes". To anyone not paying attention or trying to spin means our tax dollars and money yet to be collected financed this. This administration has borrowed to the point of recovery being impossible. Happy with your CHANGE?
  • by Anonymous on Oct 29, 2009 at 09:46 AM
    Lavon did you read,these are government funded programs.They will peter out the end of this year.This is just a bunch of liberal hype just like that hate crimes bill.I remember you saying that the president hit the ground running a few weeks ago.This is true but in circles going absolutey nowhere and doing absolutely anything to benifit this country.
  • by Lenny Location: Chocowinity,NC on Oct 29, 2009 at 08:33 AM
    Lavon - again he can not defend his Obama so he calls us haters. The word is we are " Patriots. "
  • by Paul Location: Greenville on Oct 29, 2009 at 08:11 AM
    When they reach in my pocket and it is empty where are they going to get the money for these give away programs they are using to prop this recovery up. I forgot - there are future generations to pay for it. This BS has never worked in the history of the world, but these idiots do it anyway.
  • by Lavon Location: Goldsboro on Oct 29, 2009 at 07:21 AM
    Oh man I bet the Obama haters hate to hear this kind of good news. They want to hear that America is destroyed and were all living in the ice age again....
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