Recession Over?

The U.S. economy grew at an annualized rate of 3.5% in the third quarter, according to early estimates by the Bureau of Economic Analysis (Washington). The turnaround was fueled by a 3.4% gain in consumer spending, a 23.4% surge in outlays on new homes, and a 7.9% increase in purchases by the federal government for both defense and civilian items. Spending on business and equipment eked out a 1.1% gain, the first time since fourth quarter 2007 that businesses increased their outlays in this area. Industrial production expanded at an annualized 7.7% rate in the...

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