U.S. Economy Grows Slightly In Third Quarter

The U.S. economy has grown slightly in 2011’s third quarter, the U.S. Commerce Department announced Thursday.

According to the Department’s estimates, GDP has grown at an annual rate by 2.5 percent, a 1.2 percent increase from the second quarter.

The new data can be interpreted as a sign that the economy may be recovering, albeit slowly. In the first quarter of 2011, GDP growth was projected to be a much more sluggish 0.4 percent.

“In spite of headwinds hitting the U.S. economy, today’s GDP report–the ninth straight positive quarter–reflects strong consumer spending and export growth and continued investment by American businesses,” Commerce Secretary John Bryson said in a statement.

Keeping with the White House’s jobs push, Bryson added that the numbers highlight the need for additional action from lawmakers.

“Despite today’s encouraging numbers, we must do more to create jobs,” Bryson said. “That’s why it’s critical that Congress act to pass the measures in the president’s Jobs Act.”