US Economy Rocketed Ahead in 3rd Quarter (REUTERS)

[ahimsa]

(this reads like a GOP press release! :crazy:)

US Economy Rocketed Ahead in 3rd Quarter
October 30, 2003 12:24:00 PM ET

By Tim Ahmann

WASHINGTON (Reuters) - The U.S. economy rocketed ahead at its fastest pace in more than 19 years in the third quarter of 2003 as consumers, their wallets fattened by tax cuts, went on a buying spree, an unexpectedly strong government report showed on Thursday.

U.S. gross domestic product surged at a 7.2 percent annual rate in the July-September period, the Commerce Department said. It was the steepest climb since the first quarter of 1984 and more than double the second quarter's 3.3 percent rate.

Three other reports on Thursday also suggested a firmer recovery was taking root -- new claims for jobless benefits and a help-wanted index suggested some stability in the labor market, while companies spent more on wages and benefits.

The jump in GDP growth, which also reflected a big gain in business spending, outstripped forecasts on Wall Street, where economists had looked for a rise closer to 6 percent.



http://news.moneycentral.msn.com/breaking/breakingnewsarticle.asp?feed=OBR&Date=20031030&ID=3018460

(looking forward to Krugman's interpretation of that report!)