The Commerce Department's Bureau of Economic Analysis reported today the first estimate of GDP for the third quarter of 2010. Real GDP grew at a 2 percent annual rate in the third quarter. Growth has averaged 2.8 percent at an annual rate so far during the current expansion.
"Today's data show that the economy grew for the fifth consecutive quarter and the recovery continues with strong business investment, U.S. exports and consumer spending," U.S. Commerce Secretary Gary Locke said. "Business spending on equipment and software has grown 17.8 percent over the past year, and foreign demand for U.S. products also remained strong, with U.S. exports increasing 12.2 percent over the past four quarters. Consumer spending is another encouraging sign in today's data, representing the fifth consecutive increase in consumer spending, which has been accelerating over the past three quarters."
Locke added that economic growth is expected to continue into the fourth quarter and 2011. This is due to Obama administration initiatives, such as the Small business Jobs Act, and growth in business investment and improved credit market conditions.