GDP report: Economic growth picks up steam

[steve2470]

http://money.cnn.com/2010/11/23/news/economy/gdp/?iid=MPM

The U.S. recovery tugged along at a faster pace in the third quarter than originally reported, driven by stronger exports and spending, the government said Tuesday.

Gross domestic product, the broadest measure of the economy, grew at an annual rate of 2.5% in the three months ending in September, the Commerce Department reported Tuesday. That's a significant improvement over the 2% growth rate first reported for the period.

"We're headed in the right direction, and a good deal of the concern that was evident with the initial release has undoubtedly diminished," said Michael Schenk, senior economist with the Credit Union National Association. "But it doesn't really get us to where we need to be."

The government calculates GDP as a measure of goods and services produced in the United States. The number is often revised multiple times. This is the second reading for the quarter.