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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Top Stories Most Popular Photos Full Coverage Sitemap US consumers help boost third-quarter growth AFP - Saturday, October 30 Send IM Story Print WASHINGTON (AFP) - – The US economy grew a modest two percent in the third quarter, the Commerce Department said Friday, a sign the recovery is slowly trundling onward thanks to consumer spending. The world's largest economy showed a few more signs of life in the July-September period, after gross domestic product (GDP) growth slowed to 1.7 percent in the second quarter from 3.7 percent in the first. But the economic expansion was still not fast enough to instill confidence that better times are just around the corner. "The recovery is continuing, but hasn't sprung to life," said Nigel Gault of IHS Global Insight. The GDP estimate is the last major economic indicator before congressional and local elections next week, and is likely to offer little succor for President Barack Obama and his allies, who have borne the brunt of voters' anger over high unemployment and public debt. Speaking in Beltsville, Maryland, Obama said the figures showed the economy was on the mend, but more needed to be done. "We've had nine consecutive months of private-sector job growth, after nearly two years of job loss," he said. "But as we continue to dig out from the worst recession in 80 years, our mission is to accelerate that recovery and encourage more rapid growth... and we can get the millions of Americans who are still looking for jobs back to work." "I'm absolutely convinced that there are going to be brighter days ahead for America." For economists trawling through the report, there were a few glimmers of those brighter days, particularly news that consumers are spending more. "The increase in real GDP in the third quarter primarily reflected positive contributions from personal consumption expenditures," the Commerce Department statement said in releasing its first estimate. With nearly one in 10 workers without a job, consumers have tended to keep their wallets shut, creating a vicious circle for the spending that accounts for 70 percent of US gross domestic product. That trend showed signs of easing, as spending increased 2.6 percent in the third quarter, compared with an increase of 2.2 percent in the second even as massive government spending retreated. "Private consumption was... a little surprising as it rose at quite a healthy 2.6 percent, taking into consideration the faded-out stimulus effect," said Inna Mufteeva, a US economist for Natixis. But the positive trend was pared back by a 17 percent increase in imports, which directly reduce GDP as cash flows out of the economy. Although the US economy has grown in each of the past four quarters, growth has not been strong enough to bring down high unemployment, stuck for the past two months at 9.6 percent. Economists and investors pored over the report for clues to the policy direction the Federal Reserve will give after a two-day meeting ends on Wednesday. The central bank already has poured more than 1.5 trillion dollars into the economy, which officially emerged from severe recession in June 2009. But faced with a sluggish recovery, the Fed has clearly signaled it will resume major large-scale bond purchases, known as quantitative easing. Stock markets have rallied in anticipation for weeks, while economists and Fed officials have debated whether another flood of billions, dubbed QE2, is warranted when the economy is growing, albeit weakly. "Clearly, there is nothing in today's release that will dissuade the Fed from embarking on QE2 next week," said Stephen Stanley, chief economist of Pierpont Securities. 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