28 Oct 2011

US economy up

9:30 pm on 28 October 2011

The US economy grew at an annualised rate of 2.5% in the third quarter of this year, according to figures from the Commerce Department.

The figure was a significant improvement on growth in the second quarter of the year of 1.3%.

Growth was boosted by consumer and business spending as well as international trade.

It was also announced that new jobless claims for the week fell to 402,000.

The US economy added 103,000 jobs in September.

Commerce Department figures issued earlier in October showed that orders for durable goods rose 1.7% in September, excluding transportation equipment.

However, the BBC reports that consumers still seem nervous about the future of the US economy.

Recent figures from the monthly Conference Board report showed US consumer confidence dropped in October to its lowest level since March 2009.