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By Mangosuthu Buthelezi
Independent voices from the The Washington Times Communities
Topic - Ted Wieseman
The nation's economy overcame a round of federal budget cuts and posted a surprisingly strong 3.6 percent growth rate in the summer quarter, the Commerce Department reported Thursday morning.
The biggest jump in interest rates since 1987 is pummeling the mortgage market and raising worries about the health of the robust housing rebound that has been fueling economic growth this year.
Ted Wieseman, economist with Morgan Stanley, said he was surprised by the pickup in economic growth, but he attributed most of it to a surge in inventory-building by businesses.
Since those stockpiles of cars, toys and other goods will have to be sold off to consumers, he said it will lead to slower growth than previously expected in the final quarter of the year, perhaps as low as 1 percent.