The US Department of Commerce reports that the US economy grew at a 3.1 percent annual rate between July and September 2002, double the second quarter’s pace.
The reason? Consumers keep buying. And they especially keep buying cars.
However, unemployment continues to be higher than a year ago (5.6 percent, compared in five percent in September 2001).
The reason? Consumers keep buying. And they especially keep buying cars.
However, unemployment continues to be higher than a year ago (5.6 percent, compared in five percent in September 2001).
- KC's View:
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We did our part for the US economy – we bought a car. (A brand new Honda Pilot SUV…very cool.)
We did it for two reasons.
First, we needed it desperately. (The old minivan was falling apart after three kids and 120,000 miles.)
Second, we knew it would add to the general confusion of economists who can’t seem to figure out why consumers keep buying even in a struggling economy. A day spent confusing an economist is a day that hasn’t been wasted.
