Wow, I am loving it! GDP jumps 3.5% in Q3! With the resurgence of the housing market since the beginning of the year, we are now seeing economic growth. Well, what did you expect? With 60% of sales being REO/Bank Owned and 12% being Short Sales, a great portion of which need complete remodeling. This alone should have boosted GDP!

GDP jumps 3.5% in Q3 read the full story:   http://bit.ly/3lHvaw

GDP increase: Up 3.5 percent in third quarter, the first rise in a year

Joseph Lazzaro
Oct 29th 2009 at 10:40AM

It’s good news that investors have been waiting awhile for: The U.S. economy grew for the first time in a year, rising 3.5 percent in the third quarter, the U.S. Commerce Department announced Thursday. It was the strongest growth rate in two years and was led by consumer spending, a slower reduction in inventories, a stabilizing housing market, and large increases in government spending connected to the federal stimulus package.

A Bloomberg survey had predicted a Q3 GDP increase of 3.0 percent. Prior to Q3, the economy had contracted for four consecutive quarters, including a 0.7 percent decline in Q2 and a 6.4 percent decline in Q1. The U.S government revises its GDP estimates for previous quarters as it receives more information.