GDP rises 2% in 3Q

The U.S. Commerce Department’s Bureau of Economic Analysis today released the first estimate of gross domestic product (GDP) for the third quarter of 2010. Real GDP grew 2.0% at an annual rate in the third quarter, comparable to private-sector expectations of a 2.1% increase. In the current expansion, growth so far has averaged a moderate 2.8% at an annual rate.

“Today’s data show that the economy grew for the fifth consecutive quarter and the recovery continues with strong business investment, U.S. exports and consumer spending,” U.S. Commerce Secretary Gary Locke said. “Business spending on equipment and software has grown 17.8% over the past year, and foreign demand for U.S. products also remained strong, with U.S. exports increasing 12.2% over the past four quarters. Consumer spending is another encouraging sign in today’s data, representing the fifth consecutive increase in consumer spending, which has been accelerating over the past three quarters.

“Initiatives by President Obama and this administration, like the recently passed Small Business Jobs Act, along with improvement in the business investment climate and credit markets, support economic growth likely to continue into the fourth quarter and 2011. Our commitment to strengthening America’s economy is steadfast and our mission will not be complete until more Americans can find jobs that provide them with a sense of security and hope for the future.”

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