| Looks like the US Economy is fighting back! |
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The US economy grew in the third quarter for the first time in more than a year as government stimulus helped lift consumer spending and home building, fuelling an unexpectedly strong advance. Signalling the end of the worst recession in 70 years, the Commerce Department on Thursday said the economy expanded at an annual rate of 3.5 percent in the July-September period, snapping four down quarters with its fastest growth pace since the third quarter of 2007 and exceeding forecasts for a 3.3 percent rate.
The report helped lift global stock markets which were also boosted by improving third-quarter corporate earnings, including higher-than-expected profits from household goods makers Procter & Gamble and Colgate-Palmolive. |
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