WASHINGTON, Oct. 31 (UPI) -- Consumer spending and business investments helped spur third-quarter economic growth, U.S. Commerce Secretary Carlos Gutierrez said Wednesday.
The gross domestic product growth was 3.9 percent, marking the 24th straight quarter of economic growth, Gutierrez said during a news briefing.
"This third quarter was fueled by consumer spending, business investment, rising net exports and non-residential construction," he said.
While housing remained a concern, Gutierrez said "its impact is being offset by growth in other sectors of the economy."
Gutierrez said the United States in 2006 had a record $1.4 trillion in exports, a 12.7 percent increase over 2005.
"If we continue on our current path of opening overseas markets and expanding exports, this year should be even better with another very strong growth rate," he said.
Ed Lazear, chairman of the Council of Economic Advisers, said during the same briefing the U.S. economy was "extremely resilient."
"It is really quite remarkable that during a quarter when we had housing market issues, when we had a credit situation in the beginning of August," he said, "we still ended up with nearly 4 percent growth following another quarter where we had nearly 4 percent growth."
