National Economic Update

Economic growth improved in third quarter 2012 from a sluggish to a modest pace. Real gross domestic product (GDP) growth rose to 2%, near the economy’s trend growth rate, but the composition wasn’t encouraging. Growth appears to have accelerated at the end of the quarter. In September, the manufacturing sector turned positive and the housing sector continued its recovery, while labor market indicators were mixed. The unemployment rate dropped to 7.8% from 8.1%, and the less-volatile nonfarm payrolls increased by only 114,000 jobs.

Read the full report: National Economic Update