www.CUNA.org/newsnow (11/24/10) Last Tuesday's report of an increase in the nation's gross domestic product (GDP) at a faster pace than expected for the third quarter means the economy is headed in the right direction, a Credit Union National Association (CUNA) senior economist told CNNMoney.
"We're headed in the right direction, and a good deal of the concern that was evident with the initial release [of the report] has undoubtedly diminished," said Mike Schenk, CUNA senior economist and vice president of statistics and economics. However, Schenk cautioned, "it doesn't really get us to where we need to be."
GDP, which provides the broadest gauge of the U.S. economy by measuring goods and services produced in the nation, grew at an annual rate of 2.5% during the three months ending in September. While better than the 2.4% economists had forecast, the figure is still less than robust.
The 2.5% third-quarter growth compares with growth of 1.7% during second quarter. CNNMoney noted the growth isn't fast enough to increase inflation or lower unemployment.
