U.S. Economy Grows for the First Time in a Year

New third-quarter numbers from the Commerce Department show the American economy growing for the first time in year, the New York Times reports. The gross domestic product expanded at an annual rate of 3.5 percent from July to September, up from contractions of 0.7 percent in the second quarter and 6.4 percent in the first.

"Robust government spending, exports, consumer spending -- buoyed by auto purchases from Congress's now-expired cash-for-clunkers program -- and housing helped finally push the measure into positive territory. Spending on consumer durable goods like cars shot up an astounding 22.3 percent at an annual rate, compared to a decrease of 23.3 percent the previous quarter," the Times summarizes.

The economic growth came without a rise in inflation. It also arrived without major improvements in the job market, suggesting that it will still be months until the growth begins to stimulate new hiring.