Third quarter GDP grew at a annual rate of 2%. This is the third or fourth consecutive quarter of GDP growth.
This is great news and what makes it even better is the notion that not only is the GDP still growing but the overall economic growth rate is rising. This means that we are growing faster and faster. July through September yielded a growth rate of 2% and the months of April through June hosted a growth rate of 1.7% thus the rate has grown by about 15 - 20% which is outstanding.
The unemployment rate is still high, now at 9.6%, but folks have been expecting the unemployment rate to stay around these levels. Plus the free market, or rather the private sector, has created more jobs over the last nine months or so. They are running on a surplus. It is government budget cuts, and thus the need to eliminate jobs, or at least not hire, that has created the negative job figures.
Consumers are both saving and spending more. The notion that consumers are increasing their spending despite the decline in consumer credit is wonderful. The health of American consumer personal finance is on the rise there is no doubt about it.
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