In a sign that the economy may be picking up, the gross domestic product increased at an annual rate of 3.5% in the third quarter, according to advanced estimate released today by the Commerce Department.
That's an improvement over the second quarter, when it declined 0.7%%.
From July through September, real gross domestic purchases-purchases by Americans of goods and services wherever they were produced-increased 4%, following a 2.3% decline in the second quarter.
The department cited a rise in personal, business and government spending and exports as the reasons for the improvement.
Exports increased 14.7%, following a 4.1% drop in the second quarter.
Imports rose 16.4%, following a 14.7% drop.
Consumers paid more for some products. The price index for gross domestic purchases increased 1.6%, compared with a 0.5% increase in the last quarter.
Personal consumption expenditures increased 3.4%, following a 0.9% decline in the last quarter.
Residential fixed investment, which includes housing increased 23.4%, compared with a 23.3% decline in the second three months of 2009.
