Open

Coming up

Don't miss

Replay


LATEST SHOWS

AFRICA NEWS

Mali: Jihadist group announces death of french hostage

Read more

AFRICA NEWS

Tutu cautions ANC: South African peace laureate criticizes ruling party

Read more

MEDIAWATCH

Clamping down on jihad propaganda online

Read more

DEBATE

Homegrown Jihadists: France Sets Out Plan to Monitor Web and Support Families (part 2)

Read more

DEBATE

Homegrown Jihadists: France Sets Out Plan to Monitor Web and Support Families

Read more

WEB NEWS

Ukrainians turn Russian 'evidence' into meme

Read more

FOCUS

Copenhagen seeks to decriminalise use of cannabis

Read more

FACE-OFF

French president's advisor resigns: A new blow for François Hollande

Read more

ENCORE!

Films as plays, plays as films and TV at the cinema

Read more

  • US would defend Japan in islands dispute, Obama says

    Read more

  • Afghan guard kills foreigners in Kabul hospital attack

    Read more

  • Video: Mayor in east Ukraine ready ‘to turn Slaviansk into battlefield’

    Read more

  • New far-right mayor moves to quash Paris region mosque

    Read more

  • US soldiers arrive in Poland as Ukraine crisis continues

    Read more

  • Fatah, Hamas agree to form Palestinian unity government

    Read more

  • Millions of Syrians desperately need aid, says UN

    Read more

  • Muslims in CAR pray for an escape route

    Read more

  • Madrid beat Bayern 1-0 in first leg of Champions League semis

    Read more

  • Britain's ex-PM Blair warns against spread of radical Islam

    Read more

  • Turkish PM offers condolences to descendants of Armenians killed in 1915

    Read more

  • Gay marriage, one year on: ‘French civilisation did not crumble’

    Read more

  • Colombian president reinstates firebrand Bogota mayor

    Read more

  • NYPD public relations campaign on Twitter goes awry

    Read more

  • In pictures: Violent protests erupt in Rio

    Read more

  • French hostage Gilberto Rodrigues Leal has died, Islamists say

    Read more

  • 'Pope-mania' hits John Paul II's Polish hometown

    Read more

  • French actress Catherine Deneuve to sell €4 million château

    Read more

  • Chelsea, Atletico draw 0-0 in first leg of Champions League semis

    Read more

Business

Consumer spending drives boost in US growth

©

Text by News Wires

Latest update : 2010-10-29

The US economy grew by 2% in the third quarter according to the Commerce Department. Driving the growth was consumer spending, which increased by 2.6%.

AFP - The US economy grew two percent in the third quarter, the Commerce Department said Friday, boosted by a rise in consumer spending.
  
The world's largest economy showed more signs of life in the July-September period, after slowing to an annual rate of 1.7 percent in the second quarter from 3.7 percent in the first.
  
"The increase in real GDP in the third quarter primarily reflected positive contributions from personal consumption expenditures," a statement said.
  
With nearly one in 10 workers without jobs, consumers have tended to keep their wallets shut, creating a vicious circle for the spending that accounts for 70 percent of US gross domestic product.
  
That trend showed signs of easing, as spending increased 2.6 percent in the third quarter, compared with an increase of 2.2 percent in the second.
  
The positive trend was pared back by a 17-percent increase in imports, which directly reduce GDP as cash flows out of the economy.
  
Although the US economy has grown in each of the past four quarters, growth has not been strong enough to bring down high unemployment, stuck for the past two months at 9.6 percent.
  
The growth estimate is subject to revision.

Date created : 2010-10-29

  • ECONOMIC CRISIS

    US economy posts promising 3.5% GDP growth in Q3

    Read more

Comments

COMMENT(S)