On Thursday October 29, the U.S. Commerce Department sent a long-awaited message to the American public, announcing a 3.5 percent growth rate in the third quarter, an improvement more than a year in the coming.

Although the growth was broad-based, gains in consumer spending and home construction were particularly encouraging. The popular "cash for clunkers" program that stimulated auto purchases through August is credited with generating much of that spending, as is the $8,000 tax credit for first-time home buyers.

If the growth rate was calculated without the automotive purchases, the economy would have seen only a 1.9 percent growth rate. Automakers across the board are looking forward to stronger sales for their 2010 models, which include smaller and more fuel-efficient offerings that the public has been demanding, as well as more hybrids with plug-in electrics on the near horizon.

Kevin Flanagan, a fixed-income strategist for Global Wealth Management at Morgan Stanley in Purchase, New York was quoted in a Reuters report, "Better than expected GDP is confirming that the Great Recession has ended. The question going forward is, is this more of a statistical recovery or are we going to get some meaningful momentum on a sustained basis?"