U.S. economy grows by 3.5%.

 The U.S. economy grew for the first time in more than a year marking an end to the longest period of contraction since the Great Depression. US GDP grew at an annualized rate of 3.5 % in the third quarter after shrinking in each of the previous four quarters, Commerce Department figures showed October 29. Consumer spending, which accounts for about 70 per cent of economic activity, rose by 3.4 %, driven in large part by the “cash for clunckers” incentives that lifted durable goods by more than 22 percent.

In addition to the upturn in consumer spending, residential investment and strong government spending were drivers for the Q3 recovery.

Source: Financial Times

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