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US economy showing resilience
Shows 2nd straight solid quarter
W useconomy
In this Friday, Oct. 6, photo, workers build an apartment and retail complex in Nashville, Tenn. On Friday, the Commerce Department issues the first of three estimates of how the U.S. economy performed in the July-September quarter - photo by Associated Press
WASHINGTON — Powered by businesses and consumers, the U.S. economy grew at a solid 3 annual pace last quarter despite two devastating hurricanes — evidence of economic durability and all but assuring that the Federal Reserve will resume raising interest rates late this year.Friday's figures from the government marked the first time in three years that the economy has expanded at a 3 percent or more annual rate — historically, a normal pace for a healthy economy — for two straight quarters.More than eight years since the Great Recession officially ended, the economy is still posting consistent gains — in the job market, in business investment, in consumer spending and corporate earnings. Unemployment is at a 16-year low. Companies are restocking.
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