U.S. Economy Turns the Corner
The U.S. economy grew at a 2.8% annualized pace in the third quarter, marking the first increase in real GDP after a year of quarterly declines.
Some of the increase was directly attributable to the government’s Car Allowance Rebate System (also known as the cash for clunkers program), which bolstered spending on autos in the quarter.
The strong pace of auto purchases will likely not be sustained in upcoming quarters; however, retail activity continued to firm up in October and November, suggesting that consumers have come out of hiding.
I hope this finds you Happy and Healthy!
All the Best!
A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate
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