The U.S. Commerce Department’s Bureau of Economic Analysis today released the advance estimate of gross domestic product (GDP) for the third quarter of 2011. Real GDP rose 2.5 percent at an annual rate, consistent with private-sector expectations and up from the 1.3 percent increase in the second quarter and a significant step-up from the 0.4 percent gain in the first quarter.
“In spite of headwinds hitting the U.S. economy, today’s GDP report–the ninth straight positive quarter–reflects strong consumer spending and export growth and continued investment by American businesses,” U.S. Commerce Secretary John Bryson said. “Despite today’s encouraging numbers, we must do more to create jobs. That’s why it’s critical that Congress act to pass the measures in the president’s Jobs Act.”
Source: U.S. Department of Commerce
