GDP report: The consumer steps up, but can it last?

From the Los Angeles Times:

Some perspective on the details inside today’s government report on third-quarter gross domestic product, which showed that the economy grew at a 3.5% real annualized rate in the three months ended Sept. 30 — the first advance since the second quarter of 2008:

–Bernard Baumohl, economist, Economic Outlook Group: Fueling this latest spurt in growth was consumer spending, which jumped at a 3.4% pace, the biggest increase since the first quarter of 2007. Much of the surge in spending should be attributed to the “cash for clunkers” program and the $8,000 tax credit to first time homebuyers. But looking ahead, we believe that other non-governmental factors will help boost economic growth. First, this positive

Read the full story at the Los Angeles Times: