Recession over? Nation’s GDP rises 3.5 percent in third quarter

The nation’s gross domestic product increased at an estimated annual rate of 3.5 percent in the third quarter, the Bureau of Economic Analysis said in an advance estimate Thursday.

The data offers the strongest evidence yet that the recession that began in December 2007 ended during the summer — though many economic experts are quick to point out that the recovery has been propped up by government stimulus programs such as the homebuyer tax credit and the Cash for Clunkers program designed to boost automobile sales.

In the second quarter, real GDP — defined as the output of goods and services produced by labor and property in the U.S. — decreased 0.7 percent, the BEA said in a release.

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- Posted: 2009-10-29 10:34:26

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