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US economy bolts to 7.2 percent growth pace
Washington, Oct 30: US economic growth unexpectedly bolted to a blistering annual pace of 7.2 percent in the third quarter, the fastest in 19 years, the government said today.
Washington, Oct 30: US economic growth
unexpectedly bolted to a blistering annual pace of 7.2
percent in the third quarter, the fastest in 19 years, the
government said today.
The world's biggest economy roared past Wall Street's
forecast for six percent growth in gross domestic product,
hitting the highest speed since 1984.
News of the rapid acceleration from a modest 3.3 percent expansion in the previous three months will ignite hope that the united states can lead the world out of years in the doldrums.
"They are just fantastic figures. It means the economy soared in the third quarter. It gaining momentum throughout the year," said BMO Financial Group Senior Economist Sal Guatieri.
Consumer spending, business investment, the searing housing market and a rise in exports led the charge in the third quarter, the commerce department said.
Bureau Report
News of the rapid acceleration from a modest 3.3 percent expansion in the previous three months will ignite hope that the united states can lead the world out of years in the doldrums.
"They are just fantastic figures. It means the economy soared in the third quarter. It gaining momentum throughout the year," said BMO Financial Group Senior Economist Sal Guatieri.
Consumer spending, business investment, the searing housing market and a rise in exports led the charge in the third quarter, the commerce department said.
Bureau Report