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Fri Oct 26, 2012, 08:47 AM

Breaking: US GDP Rises 2 Percent in Third-Quarter (Consumers Boost Growth Despite Business Caution) [View all]

Source: Reuters

Consumers boost growth despite business caution

Fri Oct 26, 2012 8:35am EDT

By Lucia Mutikani

WASHINGTON (Reuters) - Economic growth picked up in the third quarter as a late burst in consumer spending offset the first cutbacks in investment in more than a year by cautious businesses.

The stronger pace of expansion, however, fell short of what is needed to make much of a dent in unemployment, and offers little cheer for the White House ahead of the closely contested November 6 presidential election.

Gross domestic product expanded at a 2.0 percent annual rate, the Commerce Department said on Friday, accelerating from the second quarter's 1.3 percent pace. A pace in excess of 2.5 percent is needed over several quarters to make substantial headway cutting the jobless rate.

Economists polled by Reuters had expected a 1.9 percent growth pace in the third quarter. The report comes a little more than a week before the election in which President Barack Obama is trying to fend off Republican challenger Mitt Romney.

Read more: http://www.reuters.com/article/idUSBRE89P0L520121026

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Reply Breaking: US GDP Rises 2 Percent in Third-Quarter (Consumers Boost Growth Despite Business Caution) [View all]
Hissyspit Oct 2012 OP
Berlum Oct 2012 #1
klook Oct 2012 #2
Javaman Oct 2012 #3
toby jo Oct 2012 #4
Thav Oct 2012 #5