Economic Growth Rate Improves

    NEW YORK, NY - JULY 27: A woman walks by a store selling dress shirts in Times Square on July 27, 2012 in New York City. Posting the weakest pace of growth since the third quarter of 2011,  the Commerce Department said on Friday that gross domestic product expanded at a 1.5 percent annual rate between April and June. Among numerous factors to blame for the slow growth was consumers, who spent at their slowest pace in a year. (Photo by Spencer Platt/Getty Images)

    Spencer Platt / Getty Images

    Good news for the holiday season: The U.S. economy expanded at a two percent annual rate from July to September, slightly faster than the 1.3 percent rate in the last quarter, the Commerce Department said Friday. While the growth was modest, the factors contributing to it—an uptick in consumer and defense spending—are encouraging. With the election just two weeks away, it’s a number that both presidential candidates will attempt to spin in their favor. Obama will say that it proves his economic plan is working. Romney will point out that the 1.74 percent rate for 2012 so far is lower than last year’s 1.8 percent growth, and is still too weak to boost hiring.

    Read it at Associated Press