US economy grew at 3.5 percent rate in third quarter, boosted by exports and defense spending

Published January 08, 2015

The U.S. economy grew at a solid annual rate of 3.5 percent in the July-September quarter, propelled by solid gains in business investment, export sales and the biggest jump in military spending in five years.

The Commerce Department says that the third quarter result followed a 4.6 percent rebound in the second quarter. The economy shrank at a 2.1 percent rate in the first three months of the year due to a harsh winter.

The report was the first of three estimates of the gross domestic product, the economy's total output of goods and services. Economists believe the economy is maintaining momentum in the current quarter with consumer spending expected to be helped by a big fall in gas prices.

URL

https://www.foxnews.com/us/us-economy-grew-at-3-5-percent-rate-in-third-quarter-boosted-by-exports-and-defense-spending