Economic Boost!
Chart of the Week for October 31-November 6, 2003
The U.S. economy reportedly grew in the third quarter at its fastest pace since the first quarter of 1984. Gross Domestic Product (GDP) expanded 7.2% percent in the third quarter, exceeding the consensus estimate of 6.4%. The surprisingly strong growth was a result of large gains in consumer spending, business investment, housing construction and exports. Consumer purchases rose at a rate of 6.6% for the third quarter. However, the labor market continues to struggle to provide a real “spark” to the recent economic recovery. Some economists are hopeful this economic surge will encourage businesses to begin hiring. GDP measures the total production and consumption of goods and services in the U.S.
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