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Monday 01st of November 2010
October 31, 2010    

US economy sees Q3 growth of 2%

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by Kay Murchie

The Commerce Department has revealed US economic growth for the third quarter grew by an annualised 2%.

The rate of growth was slightly higher than the 1.7% reported in the previous quarter and came despite rising unemployment and a weak housing market.

Meanwhile, compared with the second quarter, the US economy grew by 0.5% between the July to September period.

The data suggests that a double-dip recession is unlikely in the world’s largest economy and it is slowly recovering after the worst downturn in decades.

Meanwhile, the figures come just days after figures revealed the UK economy grew by 0.8% in the third quarter - double the rate analysts had forecast.

However, like the UK, this is the US’ first estimate and the figures could be revised up or down in the coming months.

Returning to the US, there is speculation that the Federal Reserve will do more to boost the economy by way of the quantitative easing scheme.

US central bank, the Federal Reserve, is likely to take measures to stimulate the economy and details are expected at the next meeting of the Federal Open Market Committee, which takes place later this week.

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