US quarterly GDP up 3.5pc in September, first increase since Q2 2008

Time:2009-11-04 Browse:17 Author:RISINGSUN

THE American economy experienced a 3.5 per cent increase in the third quarter after a 0.7 slip in the second and year of quarterly declines, according the US Department of Commerce.
The third-quarter increase was the first since the second quarter of 2008 and marked the largest quarterly gain since the third quarter of 2007.
The US Bureau of Economic Analysis said export growth, inventory investment, consumer and government spending were the main causes as well as an improved housing market.
"Spending on new cars and trucks was a big contributor, reflecting the federal `cash for clunkers` programme, which was in effect in July and August," the department said.