GDP Grew At 3.5% – Beat Estimates

Stock futures are rising after a better-than-expected report on the nation’s economy. GDP grew at an annual rate of 3.5 percent in the third quarter after four consecutive quarterly declines. Also, the Labor Department says workers filing for jobless claims for the first time fell slightly.

Economists polled by Thomson Reuters predict GDP, the broadest measurement of the country’s economic activity, rose at an annual rate of 3.3 percent in the third quarter, after four straight quarters of contraction. Growth was likely bolstered by government stimulus programs such as the Cash-for-Clunkers auto program and tax credits for first-time home buyers.