Economy expands at 4.1 percent
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Manufacturing News, Source : The Manufacturer US
Published : 21 Dec 2005 17:31
Final figures announced today by the Commerce Department for gross domestic product (GDP) in the third quarter, show the economy expanded at 4.1 percent, compared with 3.3 percent in the second quarter of 2005.
The growth was powered by auto sales, manufacturing and home building, and suffered less from the effects of the hurricanes than had been expected. Third quarter growth roughly mirrors vehicle sales, which averaged an annualized 18 million units a month in the third quarter compared with 17.2 million a month from April to June, although this is not expected to continue as auto manufacturers have ended their employee-pricing discounts. Last year’s annualized figure was 16.9 million a month. The overall growth of the economy is also expected to slow down in the fourth quarter.
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