According to the AP, Economy Grows at Strong 3.8 Percent Rate in Third Quarter, even despite having to deal with Hurricanes Katrina and Rita.
Economic activity expanded at an energetic 3.8 percent annual rate in the third quarter, providing vivid evidence of the economy’s stamina even as it coped with the destructive forces of hurricanes Katrina and Rita.
The latest snapshot of the country’s economic performance, released by the Commerce Department on Friday, even marked an improvement from the solid 3.3 percent pace of growth registered in the second quarter.
Reuters: GDP muscles through. Economy brushes off storms and expands by 3.8 percent in 3Q, beating estimates.
The U.S. economy shook off headwinds from hurricanes Katrina and Rita to grow at a faster-than-expected 3.8 percent annual rate in the third quarter, a Commerce Department report showed Friday.
Wall Street economists had forecast GDP would advance at a 3.6 percent rate in the July-to-September quarter. The economy has now expanded at rates exceeding 3 percent for 10 straight quarters.