30 Oct 2010

US economic growth rate increases

1:54 pm on 30 October 2010

Official figures show the United States economy grew at an annual rate of 2% in the third quarter of this year.

The growth rate was slightly higher than in the preceeding quarter, the BBC reports.

The expansion came despite continuing high unemployment and weakness in the housing market.

The figure is an improvement on the upwardly revised 1.7% increase between April and June, but less than the 3.7% growth recorded from January to March.

The Federal Reserve suggested last week it would do more to boost the economy. It is expected to announce next month that it will resume quantitative easing - injecting fresh money into the economy through the purchase of government bonds.

The economy is continuing to experience a slow recovery by historical standards, with the unemployment rate at 9.6% and Americans increasingly nervous about the future.