The economy is growing and government supported credits for housing and autos are receiving most of the credit. In the third quarter, growth was at 3 1/2 percent, which is the most positive news, about the economy, we have had in couple of years. Analysts are saying that the latest news is proof that, although not over, the worst of the recession is over. In addition, growth is still expected to remain quite slow, due to rising unemployment and increased loan restrictions.
President Barack Obama's chief economist stated, "This welcome milestone is just another step, and we still have a long road to travel until the economy is fully recovered.......It will take sustained, robust ... growth to bring the unemployment rate down substantially. Such a decline in unemployment is, of course, what we are all working to achieve."
The latest news was highly anticipated after four consecutive quarters showed a shrinking economy. It is also the first time that the economy has shown any sign of life since a brief uptick in 2008.
Wall Street took the news to heart as stocks jumped in early trading.
