Economy Showing Stronger Recovery in Third Quarter

Good news on the economy:

The U.S. economy grew at its fastest pace in almost two years in the third quarter, the government said on Friday as it revised its estimates of business and consumer spending higher.

The upward revisions also extended to exports and suggested some underlying strength in the economy, even though growth in the quarter was largely driven by a buildup in inventories.

The report was supportive of the Federal Reserve's decision this week to reduce by $10 billion from January the $85 billion it is pumping into the economy each month through bond purchases.

"The underlying momentum in economic activity shifted up a gear in the third quarter," said Millan Mulraine, deputy chief U.S. economist at TD Securities in New York. "The strength in domestic consumption and investment activity points to a more constructive narrative on growth than previously thought."

Gross domestic product grew at a 4.1 percent annual rate instead of the 3.6 percent pace reported earlier this month, the Commerce Department said in its third estimate. [our emphasis]

We're sure this will be the lead story on all the network news tonight =crickets chirping=.