"The household side is doing better, that comes through pretty clearly"
- Dean Maki, chief U.S. economist in New York for Barclays Plc
The world's biggest economy sped up in the third quarter, paced by a pickup in consumer and government spending, the Commerce Department reported Friday. During the July-to-September period, nation's gross domestic product rose at a 2% annual rate after adding 1.3%in the prior quarter. The stronger-than-expected expansion of the economy may help President Barack Obama's message that the economy is recovering.
"The household side is doing better, that comes through pretty clearly," said Dean Maki, chief U.S. economist in New York for Barclays Plc, who correctly forecast the rate of growth. "Housing, which was in a deep hole, is also expanding. The fact that both of these are improving is an encouraging sign."
"By any objective expectation, the most positive spin that can be put on today's report is that the economy may have improved modestly, but continues to struggle with lackluster growth in a disappointing expansion," said Jim Baird, chief investment strategist at Plante Moran Financial Advisors.
The Standard & Poor's 500 declined 0.07% per cent to 1,411.94. The Dow Jones Industrial Average edged up 0.03% per cent to 13,107.21. The Nasdaq Composite advaced 0.06% per cent to 2,987.95.
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