US economy grew 3.2% in Q3 - survey
Source: Agencies |
October 12, 2009, Monday
|
Print Edition
Print Edition
THE United States economy likely grew at its strongest rate in two years during the third quarter, rebounding from a steep downturn that began in December 2007, according to a survey of top economists released on Saturday.
Private economists polled on October 5-6 for the Blue Chip Economic Indicators October survey estimated gross domestic product grew at an annualized rate of 3.2 percent in the quarter, up 0.2 percentage points from what they estimated a month earlier.
GDP shrank in the second quarter at a 0.7 percent annualized rate.
Third-quarter growth was fueled by a rebound in personal consumption expenditures and the first increase in residential investment since the final quarter of 2005, the Blue Chip survey said.
The projected third-quarter growth would be the strongest since a 3.6 percent annualized rate of GDP increase in the third quarter of 2007, according to Commerce Department figures.
A forecast for a 2.4 percent growth rate in the fourth quarter was unchanged from last month mostly due to economists' belief that the "cash for clunkers" incentive program, which expired in August, pulled demand for vehicles forward into the third quarter, the survey showed.
Private economists polled on October 5-6 for the Blue Chip Economic Indicators October survey estimated gross domestic product grew at an annualized rate of 3.2 percent in the quarter, up 0.2 percentage points from what they estimated a month earlier.
GDP shrank in the second quarter at a 0.7 percent annualized rate.
Third-quarter growth was fueled by a rebound in personal consumption expenditures and the first increase in residential investment since the final quarter of 2005, the Blue Chip survey said.
The projected third-quarter growth would be the strongest since a 3.6 percent annualized rate of GDP increase in the third quarter of 2007, according to Commerce Department figures.
A forecast for a 2.4 percent growth rate in the fourth quarter was unchanged from last month mostly due to economists' belief that the "cash for clunkers" incentive program, which expired in August, pulled demand for vehicles forward into the third quarter, the survey showed.
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