But these days, the country's $12 billion real estate market is expanding at a 30 percent annual rate.

Indeed, for a century from the Gilded Age until 1973, the economy expanded at a 3 percent annual rate, or more, most of the time.

Instead of expanding at a 5.7 percent annual rate, the economy stood still in the period, under the new reckoning.

The economy expanded at a 3.9 percent annual pace in the third quarter, pointing to a strong holiday shopping season.

In its report on the gross national product, the Government said the economy expanded at a 2.4 percent annual rate during the summer quarter.

The Commerce Department said the economy expanded at a 4.8 percent annual rate, up from the 4.5 percent growth figure it reported a month ago.

But it continues to expand at an annual 18 percent, twice the rate of economic growth.

Business investment rebounded from its slowdown late last year to expand at a 2 percent annual rate in the first quarter.

Gross domestic product expanded at a 0.3 percent annual rate from April through June.

Thanks to productivity gains, a healthy economy today is one that expands at a 3.5 to 4 percent annual rate, and perhaps even more.