A STRONG THIRD QUARTER-BUT AT THE EXPENSE OF THE FOURTH

摘要

Surprise! Third-quarter economic growth is turning out to be a lot stronger than most economists had expected in the wake of the summer stock market plunge. Thanks again to the resilience of consumers, fears that the second quarter's paltry 1.1% growth rate was a precursor to a new round of economic stagnation are turning out to be wasted worry. But don't get too excited just yet. The pattern of this moderate economic recovery remains uneven. Third-quarter growth may well best the 3% average of the past three quarters. But some of this quarter's gains may have been "borrowed" from the fourth quarter, because they were fueled partly by car buyers' positive reaction to 0% financing. So fourth-quarter real gross domestic product growth could dip back below 3%. But growth will remain positive, and fears of a double-dip recession should become passe.