News / Economy

US Economy Advances 2 Percent in 3rd Quarter

A new home is under construction in Edmond, Oklahoma, September 21, 2012.A new home is under construction in Edmond, Oklahoma, September 21, 2012.
x
A new home is under construction in Edmond, Oklahoma, September 21, 2012.
A new home is under construction in Edmond, Oklahoma, September 21, 2012.
VOA News
The United States says its economy grew by 2 percent in the July-to-September period, a slightly faster pace than economists had projected.

The government said Friday that increased consumer spending, accounting for 70 percent of the world's largest economy, led the advance. American economists had projected growth of 1.8 percent in the third quarter, up from the 1.3 percent figure recorded in April, May and June.

In addition, the U.S. said increased spending on defense projects and renewed residential construction pushed the economy ahead. That helped offset flat spending by businesses for new equipment and software, the weakest reading in that category in three years, and the economic effects of last summer's severe drought in the country's vast farmlands.  

The U.S. has struggled to recover from the depths of the recession in 2008 and 2009, the country's worst economic downturn since the Great Depression of the 1930s. More than 12 million workers remain unemployed, and the modest growth has not been robust enough to significantly cut the high jobless rate.

The state of the U.S. economy, and voters' perception of it, is a central issue in the U.S. presidential campaign, leading to the November 6 election.

U.S. President Barack Obama, a Democrat, says the economy is on a path to recovery. But his Republican challenger, wealthy businessman Mitt Romney, says his policies would boost job growth and lead to a faster advance.

Some information for this report was provided by AP, AFP and Reuters.

You May Like

University of Michigan Wins Solar Car Race

Squad guided its student-designed solar-powered vehicle to fifth consecutive time victory in eight-day bi-annual American Solar Challenge More

Nigerian Islamic School Tries to Combat Boko Haram

Kaduna school headmaster teaches his students that what militants are doing is are doing is 'a total misunderstanding of the Islamic religion' More

University Trains Students to Advocate for Deaf People Worldwide

Program prepares graduates to advocate internationally for access to education, jobs for people with disabilities More

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Vietnamese Staging Chinese Product Boycott After Oil Rig Spati
X
Reasey Poch
July 28, 2014 7:18 PM
China recently pulled an oil rig from an area of the disputed South China Sea that Vietnam also claims. Despite the action, the incident has had a lingering effect on consumers in Vietnam. VOA's Reasey Poch reports from Hanoi on an effort to boycott Chinese products.
Video

Video Vietnamese Staging Chinese Product Boycott After Oil Rig Spat

China recently pulled an oil rig from an area of the disputed South China Sea that Vietnam also claims. Despite the action, the incident has had a lingering effect on consumers in Vietnam. VOA's Reasey Poch reports from Hanoi on an effort to boycott Chinese products.
Video

Video ESA Spacecraft to Land on a Comet

After a long flight through deep space, a European Space Agency probe is finally approaching its target -- a comet millions of kilometers away from earth. Scientists say the mission may lead to some startling discoveries about the origins of the water on earth. VOA’s George Putic has more.
Video

Video Young Africans Arrive in US for Leadership Program

President Barack Obama's Young African Leadership Initiative has brought hundreds of young Africans to the United States for a six-week program aimed at building their knowledge and skills in fields such as public administration and business. Out of the 50,000 young Africans who applied for the program, just one percent was accepted. VOA's Laurel Bowman caught up with some of those who made the cut and has this report.
Video

Video In Honduras, Amnesty Rumors Fuel US Migration Surges

False rumors in Central America are fueling the current surge of undocumented young people being apprehended at the U.S. border. The inaccurate claims suggest the U.S. will give amnesty to young migrants from the region. As VOA's Brian Padden reports from Honduras, these rumors trace back to President Obama's 2012 executive order to halt deportations for some young undocumented immigrants already living in the United States.
Video

Video Students in Business for Themselves

They're only high school students, but they are making accessories for shoes, fabricating backpacks and doing product photography - all through their own businesses. It's the result of a partnership between a non-profit organization that teaches entrepreneurship and their schools. VOA's Mike O'Sullivan and Deyane Moses met the budding entrepreneurs near Los Angeles.
Video

Video Astronauts Train in Underwater Lab

In the world’s only underwater laboratory, four U.S. astronauts train for a planned visit to an asteroid. The lab - called Aquarius- is located five kilometers off Key Largo, in southern Florida. Living in close quarters and making excursions only into the surrounding ocean, they try to simulate the daily routine of a crew that will someday travel to collect samples of a rock orbiting far away from earth. VOA’s George Putic has more.

AppleAndroid

World Currencies

EUR
USD
0.7305
JPY
USD
101.53
GBP
USD
0.5830
CAD
USD
1.0656
INR
USD
60.075

Rates may not be current.