U.S. economy grew 2 percent in third quarter
The US economy grew at an annual rate of 2.0 percent in the third quarter from the second quarter, the government said Friday in its first estimate for the July-September period.
The expansion was a bit stronger than the 1.9 percent expected by most analysts, and much better than the 1.3 percent gross domestic product growth in the second quarter.
The Commerce Department said third-quarter GDP growth was bolstered by a pick-up in household spending; federal government spending, mostly for defense; and investment in homes as the housing market improved.
The better-than-expected GDP numbers came less than two weeks before the November 6 presidential election.
President Barack Obama and Republican nominee Mitt Romney remained locked in a tight race, with Obama’s fate tied in part to how voters judge his record in restoring economic growth