U.S. Economy Jumps 3.9%

Oct. 31, 2007
Healthy growth in most sectors but housing

The U.S. economy grew by a sharply better-than-expected 3.9% in the third quarter from a year ago, despite housing and credit woes, the Commerce Department said Oct. 31.

The economy picked up pace from the 3.8% growth spurt in the second quarter to post the strongest expansion since the 2006 first quarter, the data showed.

The strong performance by the world's largest economy exceeded analysts' consensus forecast of a 3.1% rise in gross domestic product.

Driving the expansion was healthy growth in most sectors, except for the housing sector which shaved more than a percentage point from growth, posting a 20.4% decline, its worst performance in two years.

Consumer spending rebounded to a 3% annualized pace, after a weak 1.4% gain in the second quarter. Exports, underpinned by a weak dollar, continued to support the expansion with a 16.2% increase.

Copyright Agence France-Presse, 2007

Popular Sponsored Recommendations

Empowering the Modern Workforce: The Power of Connected Worker Technologies

March 1, 2024
Explore real-world strategies to boost worker safety, collaboration, training, and productivity in manufacturing. Emphasizing Industry 4.0, we'll discuss digitalization and automation...

3 Best Practices to Create a Product-Centric Competitive Advantage with PRO.FILE PLM

Jan. 25, 2024
Gain insight on best practices and strategies you need to accelerate engineering change management and reduce time to market. Register now for your opportunity to accelerate your...

Transformative Capabilities for XaaS Models in Manufacturing

Feb. 14, 2024
The manufacturing sector is undergoing a pivotal shift toward "servitization," or enhancing product offerings with services and embracing a subscription model. This transition...

Shifting Your Business from Products to Service-Based Business Models: Generating Predictable Revenues

Oct. 27, 2023
Executive summary on a recent IndustryWeek-hosted webinar sponsored by SAP

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!