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U.S. Economy Growth Picks Up in Third Quarter
America's gross domestic product, which grew at a 1.3% annual rate in the second quarter of this year, expanded at a 2% pace in the three months ended Sept. 30, the Dept. of Commerce reports.
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America's gross domestic product, which grew at a 1.3% annual rate in the second quarter of this year, expanded at a 2% pace in the three months ended Sept. 30, the Dept. of Commerce reports.
Third-quarter growth was spurred by a 2% increase in consumer spending, which accounts for 70% of the economy, and a 3.7% jump in federal defense expenditures. A decline in exports was offset by gains in the housing market. Business investment was unchanged from the second quarter.
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