The U.S. economy grew at the fastest pace in 1 1/2 years in the summer as booming auto sales offset the adverse effects of hurricanes Katrina and Rita. But the year is expected to end with much slower growth.
The U.S. Commerce Department reported Wednesday that the gross domestic product, the broadest measure of economic health, grew at a 4.1 per cent annual rate from July through September.
That was down from a 4.3 per cent estimate made a month ago but it was still the fastest pace since early 2004. The gain was even more remarkable considering that the country was hit by devastating hurricanes and gasoline prices that topped $3 US per gallon.
Let’s hope this lasts.