commerce department

The U.S. economy picked up the pace just a bit in the months from July to September, according to the Commerce Department.

The 2 percent annual growth rate was up from 1.7 percent in the April-June quarter.

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Permits to build new homes jumped over 10 percent last month, according to new numbers from the Commerce Department on Tuesday.

Much of the growth was in the apartment and condo sectors, up 32 percent from the month before. Construction of single family homes, which makes up the bulk of the housing market, rose at a much more modest rate of 4 percent.

The economy grew at a 3.5 percent pace in the third quarter, the best showing in two years, fueled by government-supported spending on cars and homes.

The report from the Commerce Department Thursday, indicates the economy is entering a new phase of recovery.

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