Vegas
10-31-2007, 12:28 PM
http://www.msnbc.msn.com/id/21558862/
WASHINGTON - The economy picked up speed in the summer, growing at a brisk 3.9 percent pace, the fastest in 1½ years and an impressive performance even as a credit crunch plunged the housing market deeper into turmoil.
The latest snapshot of the country’s economic health, released by the Commerce Department on Wednesday, suggested that the economy is demonstrating much resilience and thus far holding up well to the strains in the housing and credit markets, which had intensified during the third quarter and rocked Wall Street.
A second report from the department showed construction spending rose 0.3 percent in September, the best showing in four months. All-time high spending in both commercial construction by private builders and government projects more than offset weakness in home building.
WASHINGTON - The economy picked up speed in the summer, growing at a brisk 3.9 percent pace, the fastest in 1½ years and an impressive performance even as a credit crunch plunged the housing market deeper into turmoil.
The latest snapshot of the country’s economic health, released by the Commerce Department on Wednesday, suggested that the economy is demonstrating much resilience and thus far holding up well to the strains in the housing and credit markets, which had intensified during the third quarter and rocked Wall Street.
A second report from the department showed construction spending rose 0.3 percent in September, the best showing in four months. All-time high spending in both commercial construction by private builders and government projects more than offset weakness in home building.