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

[Hissyspit]

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

[Berlum]

1. The Make-America-FAIL Republicans can pound that 2% up their stanky keesters

[klook]

2. "...home building surged at a 14.4 percent rate,"

thanks in large part to the Federal Reserve's ultra accommodative monetary policy stance, which has driven mortgage rates to record lows."

Things are looking up for Americans -- therefore looking bad for Rmoney's Amercia.

[Javaman]

3. That popping you hear?

those are the heads over at freepland.

[toby jo]

4. Do ad buys make the consumer spending column?

[Thav]

5. I thought consumers had nothing to do with the economy...

I thought it was all about investment and tax breaks. I'm confused, how can consumers affect the economy? They don't invest in companies! Argh!!!