Signs of Life
The New York Times reports that the U.S. economy grew last quarter for the first time in the past year:
Gross domestic product expanded at an annual rate of 3.5 percent in the three months ending in September, a significant spike from a relatively shrunken base. The economy had contracted at annual rates of 0.7 percent and 6.4 percent in the first and second quarters of this year, respectively.
The new numbers from the Commerce Department are likely to provide cold comfort for out-of-work Americans — the national unemployment rate hit 9.8 percent in September, job growth historically trails other economic indicators, and GDP presents a very broad snapshot of the economy — but they could suggest a recovery is on the way.