Glenn Quagmire
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http://www.reuters.com/article/2014/12/23/us-economy-gdp-idUSKBN0K111Y20141223
(Reuters) - The U.S. economy grew at a 5.0 percent clip in the third quarter, its quickest pace in 11 years and the strongest sign yet that growth has decisively shifted into higher gear.
Some of the strength appears to have been sustained, with other data on Tuesday showing consumer spending rising solidly in November, offsetting surprisingly weak durable goods orders.
The reports further set the U.S. economy apart from the rest of the world, where growth is sputtering or activity shrinking.
"Our economy is firing on most cylinders, whereas the global economy is essentially in dire need of a spark," said Ryan Sweet, a senior economist at Moody's Analytics in West Chester Pennsylvania.
In revising up its third-quarter gross domestic product estimate, the Commerce Department cited stronger consumer and business spending than previously assumed. It was the fastest pace since the third quarter of 2003.
Previously, the economy was reported to have expanded at a 3.9 percent annual rate. Growth has now been revised up by a total of 1.5 percentage points since an initial estimate in October.
Coupled with a hearty 4.6 percent advance in the prior three months, the economy has now experienced the two strongest back-to-back quarters of growth since 2003. Underscoring the firming fundamentals, growth in domestic demand was revised up to a 4.1 percent pace, the fastest in nearly four years.
Wall Street had expected growth would be raised to only a 4.3 percent rate."
(Reuters) - The U.S. economy grew at a 5.0 percent clip in the third quarter, its quickest pace in 11 years and the strongest sign yet that growth has decisively shifted into higher gear.
Some of the strength appears to have been sustained, with other data on Tuesday showing consumer spending rising solidly in November, offsetting surprisingly weak durable goods orders.
The reports further set the U.S. economy apart from the rest of the world, where growth is sputtering or activity shrinking.
"Our economy is firing on most cylinders, whereas the global economy is essentially in dire need of a spark," said Ryan Sweet, a senior economist at Moody's Analytics in West Chester Pennsylvania.
In revising up its third-quarter gross domestic product estimate, the Commerce Department cited stronger consumer and business spending than previously assumed. It was the fastest pace since the third quarter of 2003.
Previously, the economy was reported to have expanded at a 3.9 percent annual rate. Growth has now been revised up by a total of 1.5 percentage points since an initial estimate in October.
Coupled with a hearty 4.6 percent advance in the prior three months, the economy has now experienced the two strongest back-to-back quarters of growth since 2003. Underscoring the firming fundamentals, growth in domestic demand was revised up to a 4.1 percent pace, the fastest in nearly four years.
Wall Street had expected growth would be raised to only a 4.3 percent rate."
