Report: Economy Grew In 3rd Quarter The Commerce Department reported Thursday morning that the economy grew last quarter. The Gross Domestic Product — the broadest indicator of economic growth — expanded at an annual rate of 3.5 percent. The pickup comes from more consumer spending and more exports.
NPR logo

Report: Economy Grew In 3rd Quarter

  • Download
  • <iframe src="https://www.npr.org/player/embed/114277151/114277150" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript
Report: Economy Grew In 3rd Quarter

Report: Economy Grew In 3rd Quarter

  • Download
  • <iframe src="https://www.npr.org/player/embed/114277151/114277150" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript

STEVE INSKEEP, host:

NPR's business news starts with signs of economic growth.

(Soundbite of music)

INSKEEP: These are the latest numbers from the Commerce Department, reporting that the economy finally grew last quarter. The gross domestic product, the broadest indicator of economic growth, expanded at an annual rate of three-and-a-half percent. It's the first time the economy has formally grown in a year, and it's the fastest growth in two years.

This pick up comes from more consumer spending, more exports, and the Cash for Clunkers program added a boost. Economists are curbing their enthusiasm, however. They say high unemployment is likely to keep this recovery subdued.

Copyright © 2009 NPR. All rights reserved. Visit our website terms of use and permissions pages at www.npr.org for further information.

NPR transcripts are created on a rush deadline by Verb8tm, Inc., an NPR contractor, and produced using a proprietary transcription process developed with NPR. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.