Economy Has Strong Showing in Summer
Thursday November 29, 10:22 am ET
By Jeannine Aversa, AP Economics Writer
Economy Grows in Summer at Best Pace in 4 Years; Performance Not
Expected to Continue WASHINGTON (AP) -- The economy barreled ahead in the
summer, growing at a 4.9 percent pace. The performance was the strongest in
four years but isn't expected to last through the current quarter amid the
housing slump and credit crunch. New-home sales edged up in October but sales
activity still hovered near an 11-year low. ADVERTISEMENT
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The Commerce Department's new reading of the gross domestic product from
July through September, released Thursday, was even better than the
government's initial estimate of a brisk 3.9 percent growth rate for period.
Stronger U.S. exports to overseas buyers and more inventory investment by
businesses were the main reasons for the improvement.
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