US economy climbs 2%
Source: Agencies |
October 27, 2012, Saturday
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Print Edition
Print Edition
THE US economy grew at a slightly faster 2 percent annual rate from July through September, buoyed by more spending by consumers and the government.
Growth accelerated from the 1.3 percent rate in the April-June quarter, the US Commerce Department said yesterday.
The report is the last snapshot of economic growth before Americans choose a president in 11 days. The pickup in growth could lend weight to US President Barack Obama's message that the economy is slowly improving.
Still, growth remains too weak to rapidly boost hiring. And the 1.74 percent annual growth rate for the first nine months of 2012 trails last year's 1.8 percent growth - a point that Republican nominee Mitt Romney has emphasized.
Some analysts believe the economy will start to pick up in the second half of next year.
Growth accelerated from the 1.3 percent rate in the April-June quarter, the US Commerce Department said yesterday.
The report is the last snapshot of economic growth before Americans choose a president in 11 days. The pickup in growth could lend weight to US President Barack Obama's message that the economy is slowly improving.
Still, growth remains too weak to rapidly boost hiring. And the 1.74 percent annual growth rate for the first nine months of 2012 trails last year's 1.8 percent growth - a point that Republican nominee Mitt Romney has emphasized.
Some analysts believe the economy will start to pick up in the second half of next year.
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