U.S. economic growth improves to 2% rate in Q3
Posted October 26, 2012 8:41 am.
This article is more than 5 years old.
WASHINGTON – The U.S. economy expanded at a slightly faster two per cent annual rate from July through September, buoyed by an increase in consumer spending and a burst of government spending.
The Commerce Department said growth improved from the 1.3 per cent rate in the April-June quarter.
The pickup in growth may help President Barack Obama’s message that the economy is improving.
Still, growth remains too weak to rapidly boost hiring. And the 1.74 percent rate for 2012 trails last year’s 1.8 percent growth, a point GOP nominee Mitt Romney will emphasize.
The report is the last snapshot of economic growth before Americans choose a president in 11 days.
Growth was held back by the first drop in exports in more than three years and flat business investment in equipment and software.
