In 3rd Quarter, U.S. economy grew "for the first time in a year"

UPDATE: Oops, Chris already posted about this! Sorry about that. He gives a good explanation of what this means.

Chris will have a better sense of what this really means, but it looks like we're getting some good economic news for a change:

For the first time in a year, the United States economy grew, the Commerce Department said on Thursday. But even if a recovery is technically in the offing, job-seekers likely will not begin to feel the benefits for months to come.

Gross domestic product expanded at an annual rate of 3.5 percent in the three months ending in September, a significant spike from a relatively shrunken base. The economy had contracted at annual rates of 0.7 percent and 6.4 percent in the first and second quarters of this year, respectively.

Robust government spending, exports, consumer durables — buoyed by auto purchases Congress’s now-expired “Cash for Clunkers” program — and housing helped finally push the measure into positive territory.

Cars and houses. Both aided by government programs. First-time home buyers are still getting the $8,000 tax credit.