Economy on the Move Again

The U.S. economy seemed to rejuvenate itself during the third quarter. The Commerce Department reported last week that the gross national product grew at the respectable annual rate of 2.4% for the three months ending with September. The sharp improvement over the all but lifeless .6% growth in GNP that was posted during the second quarter at least momentarily quieted fears of a downturn. Says Walter Heller, a professor of economics at the University of Minnesota: "There is no recession in sight."

The comeback was fueled by a $42 billion increase in consumer spending, largely as a result of a surge...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!