(By Bob Blandeburgo) The Obama administration's $787 billion stimulus package has yielded results as the U.S. economy grew for the first time since the second quarter of 2008.

Gross domestic product (GDP) in the world's largest economy grew 3.5%, slightly higher than estimates of 79 economists polled by Bloomberg News expecting a growth of 3.2%. U.S. government subsidies on automobiles and housing were the main factors contributing to the gain, as well as a rebound in exports thanks to the weak dollar. 

News of the GDP growth in the United States is the biggest indicator that the worst recession since the 1930s is over, and most economists agree that's the case.

"Better than expected GDP is confirming that the Great Recession has ended," Kevin Flanagan, fixed-income strategist for Global Wealth Management at Morgan Stanley (NYSE: MS) told Reuters. "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?"

Consumer spending gained 3.4%, the most since the first quarter of 2007. The U.S. government's Car Allowance Rebate System (CARS), better known as "Cash for Clunkers," played an important role in this growth, as did the services sector, which gained 1.2% — the most since the first quarter of 2008.

Investments in the housing category, which is one of the main components of the downturn, grew 23.4% — the first time that category has seen growth since the fourth quarter of 2005 and the biggest gain since 1986.

While some props like Cash for Clunkers are gone, many remain, giving the U.S. economy a shot in the arm: Housing continues to get a boost from the $8,000 first-time buyer tax credit and the U.S. Federal Reserve's purchase of mortgage-backed securities is still keeping lending rates low.

However, it's unlikely the U.S. economy can sustain growth in the near term without help.  Such measures could include:

• Keeping Interest Rates Low: Inflation was largely kept in check in the third quarter, rising just a half a percentage point when energy and food is excluded, compared to a 0.8% increase in the second quarter. The Fed is expected to keep the key interest rate at its record lows of 0% to 0.25% after it meets next week, and isn't expected to raise rates until next year. However, when the U.S.