US Economy Soars – 4.3% Growth
The US economy weathered the impact of hurricanes better than experts had expected, growing at a 4.3 percent annual pace in the third quarter, the government said in an upward revision to its prior estimate. The Commerce Department figure for gross domestic product (GDP) was stronger than last month’s estimate of 3.8 percent growth and ahead of the the 4.0 percent expected by Wall Street economists. The agency will make its final estimate next month.
The report suggests the economy overcame the impact of hurricanes Katrina and Rita, which shut down much of US oil operations in the Gulf of Mexico and devastated areas around New Orleans, Louisiana. By squeezing energy supplies, the storms also led to a surge in oil prices.
“The fact that we added a 10th quarter of above-average growth amidst the hurricane devastation and the highest energy prices ever recorded is awesome,” said Ken Mayland, president of ClearView Economics.
“This revision was good news for the economy. Not only does it show a higher rate of growth, but it was from more sustainable sectors,” added Drew Matus, an economist at Lehman Brothers.
Read the rest of this encouraging report at Breitbart »
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