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US Economy Grows for First Time in More Than a Year


The U.S. economy began growing again in July, August and September, after more than a year of decline.

A report from the Commerce Department Thursday says the U.S. gross domestic product grew at an annual pace of 3.5 percent in the third quarter. The GDP totals up all the goods and services produced in a nation, and is the broadest measure of economic health.

President Barack Obama called the report "welcome news" but said the nation has "a long way to go." Mr. Obama told a business audience that a key measure of economic health is whether the nation is creating jobs and making it possible for families to pay their bills.

Many economists predict that U.S. unemployment will continue rising and exceed 10 percent sometime next year.

A separate government report says the number of people signing up for unemployment aid dropped to the lowest level in seven months last week, falling by 1,000 to a total of 530,000. The number of people on long-term jobless assistance fell to the lowest level in months, below 5.8 million.

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