Release of Q3 GDP Belies Depression.

The growth in GDP of 2.6 percent for the third quarter announced yesterday exceeded an estimate of 2.3 percent and mitigated against the presumption that the U.S. economy is in a depression. Private domestic purchases eked out a gain of 0.1 percent, down from 0.5 percent in the second quarter. The lower trade deficit buoyed the GDP by 2.8 points but was offset by the sharp fall in housing investment due to rises in interest rates corresponding to 1.4 points.