The Norman Transcript

Headlines

October 27, 2012

U.S. economy expands at 2 percent pace

WASHINGTON — The latest snapshot of economic growth shows the U.S. recovery remains tepid.

Growth in the July-September quarter climbed slightly but was still too weak to stir significantly more hiring. The pace of expansion rose to a 2 percent annual rate from 1.3 percent in the April-June quarter, led by more consumer and government spending.

Voters who are still undecided about the presidential election aren’t likely to be swayed by Friday’s mixed report from the Commerce Department.

“For the average American, I don’t think changes in quarterly GDP” make a big difference in their perception of the economy, said Andrew Kohut, president of the Pew Research Center. “It’s certainly good for the president that the number is not bad because that would resonate.”

With 11 days until the election, the economy is being kept afloat by a revitalized consumer and the early stages of a housing recovery. But more than three years after the Great Recession ended, the nation continues to struggle because businesses are reluctant to invest, and slower global growth has cut demand for American exports.

Republican nominee Mitt Romney is telling voters that President Barack Obama’s policies have kept the economy from accelerating and have even slowed growth in the past two years. The 1.7 percent annual growth rate for the first nine months of 2012 remains slightly behind last year’s 1.8 percent growth. And both are below 2010’s growth of 2.4 percent.

The economy contracted at a 5.3 percent annual rate in the first three months of 2009, just as Obama took office during the worst downturn since the Great Depression. Obama says his policies stabilized the economy later that year and argues that the stimulus package and auto bailout helped it grow in 2010.

The White House points to an economy that’s expanded for 13 straight quarters. Yet this year’s third-quarter growth is slightly below the 2.2 percent average pace since the recession ended in June 2009.

For local news and more, subscribe to The Norman Transcript Smart Edition, or our print edition.

1
Text Only | Photo Reprints
Headlines
  • Human Rights Artist, activist-in-residence uses art to enlighten society

    La Puerta del Mileno, the Millennium Door, attempts to beckon travelers into the city walls of Ciudad Juarez, but the steel beams are abruptly interrupted as they reach for the sky by the eye of a child who sees the underlying message: the ...

    April 17, 2014 1 Photo

  • Oklahoma Water Resources Board grants Norman low-interest loan for facility upgrade

    Norman has been authorized for a $50.3 million loan from the Oklahoma Water Resources Board to fund Phase 2 of the Norman Water Reclamation Facility upgrade. “It’s the single largest loan OWRB has made,” Norman Mayor Cindy Rosenthal said. ...

    April 17, 2014

  • Oklahoma’s superintendent attracts opponents

    OKLAHOMA CITY — The field of candidates running for state school superintendent is unusually large — a sign of broad interest in what observers say is sure to be a referendum on the incumbent, Dr. Janet Barresi....

    April 17, 2014

  • Women leaders announced

    The Norman Chamber announced the nominees for the 2014 Women’s Leadership Award, which honors female leaders who actively inspire other women to achieve their full potential.  Past recipients of this honor, formerly known as the ATHENA ...

    April 17, 2014

  • Organizers confident of safe race

    BOSTON — The arrest of a man with a rice cooker in his backpack near the Boston Marathon finish line led police to step up patrols Wednesday, while organizers sought to assure the city and runners of a safe race next week....

    April 17, 2014

  • Ducks Unlimited night set

    Cleveland County’s chapter of Ducks Unlimited will host its annual “Sportsman Night” at 6 p.m. April 25 at the Optimist Club Gym in Norman....

    April 17, 2014

  • Record number of NPS students selected for Duke program

    A record number of Norman Public Schools seventh-graders have been selected for Duke University’s Talent Identification Search for State and National Recognition. Fifty-one students were identified via a competitive testing process for ...

    April 17, 2014

  • Fed says no to business help

    LEXINGTON — The federal government has turned down the state’s request for an economic injury declaration from the U.S. Small Business Administration following the Jan. 31 closure of the Lexington-Purcell bridge over the Canadian River....

    April 17, 2014

  • History group to host local book signing event

    Mae Davenport Cox will sign copies of “Red Dirt, River and Rails: Early-Day Settlers to Southern Cleveland County” from 10 a.m. to 3 p.m. Saturday at the Lexington Senior Citizen Center during ‘89er Day festivities....

    April 17, 2014

  • OU Staff Week to include daily activities

    The University of Oklahoma Norman campus Staff Week, set April 21-25, will feature many activities. The theme is “OU Staff: The Real Superheroes.” Donations of canned food for Food and Shelter may be brought to all activities except the ...

    April 17, 2014