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Economy surges at fastest pace since '84
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| Contributor | User 13 |
| Last Edited | User 13 Oct 30, 2003 03:13pm |
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| Category | News |
| Media | Newspaper - Miami Herald |
| News Date | Thursday, October 30, 2003 06:00:00 AM UTC0:0 |
| Description | Accelerating from a jog to a sprint, the economy surged from July through September at the fastest pace in nearly two decades. Both consumers and businesses helped power the gains, fresh evidence the national rebound is on firmer footing.
The broadest measure of the economy's performance, gross domestic product, grew at a breakneck 7.2 percent annual rate during those three months, more than double the 3.3 percent rate in the previous quarter, the Commerce Department reported Thursday.
"Consumers were buying everything from cars and clothes to homes, and businesses are seemingly coming out of their cocoon," said Mark Zandi, chief economist at Economy.com
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