The U.S. economy roared into overdrive in the third quarter as consumer and business spending fueled the biggest expansion in more than a decade.
Gross domestic product grew at a 5 percent annual rate from July through September, the biggest advance since the third quarter of 2003 and up from a previously estimated 3.9 percent, revised figures from the Commerce Department showed today in Washington. (our emphasis)As of 2 p.m. local time today, the Dow Jones Industrial Average is over 18,000. There's also this:
American consumers are feeling pretty good.
The University of Michgan's consumer sentiment index climbed to 93.6 in December from 88.8 in November.
While this was down from the preliminary December estimate of 93.8, it was nevertheless stronger than the 93.5 forecast by economists.
"Consumers held the most favorable long-term prospects for the national economy in the past decade," said Richard Curtin, the survey's director via Reuters. "Importantly, the 2014 gains in jobs and wages were widespread across all population subgroups and regions."
It remains to be seen how much the new Republican Congress will try to undo these gains through its deliberate policy of sabotage (tax cuts for the wealthy, budget cuts for the poor and middle class). Or, perhaps, will the American public finally shake its short attention span to notice who's working to improve things?