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Economy grows 4 percent in July September period
U S economy expanded at a 4 percent annual rate from July through September, the Commerce Department reported, with consumer spending rising 4.2 percent and big-ticket purchases like cars surging 22.8 percent. Analysts warn the current quarter may slow to about 2 percent amid rising unemployment and wary consumer spending, and potential war with Iraq could trigger oil price shocks and a new recession.
MENTIONED IN THIS ARTICLE
Washington
U.S
Commerce Department
Iraq
Sung Won Sohn
Wells Fargo
Minneapolis
Sohn
Fed