Growth Spurt

The U.S. economy grew at an annualized rate of 3.9% in the third quarter, about the same as the 3.8% recorded in the previous three months. Third-quarter growth was propelled by a resurgence in consumer spending, particularly for non-auto durable goods, a rapid expansion in federal defense outlays, a further build-up in inventories, and strong growth in exports, analysts say. The housing industry remained depressed, however, with expenditures on new construction and renovation of existing structures down an annualized 20.1%. Business expenditures on plant and...

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