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| U.S. economy grew at a rate of 5 percent in third quarter, the fastest in more than a decade | U.S. economy grew at a rate of 5 percent in third quarter, the fastest in more than a decade |
| (35 minutes later) | |
| The U.S. economy grew at its fastest rate in more than a decade between the months of July and October, helped by a surge in consumer spending, according to government data released Tuesday morning. | The U.S. economy grew at its fastest rate in more than a decade between the months of July and October, helped by a surge in consumer spending, according to government data released Tuesday morning. |
| The Commerce Department said gross domestic product growth hit an annualized rate of 5 percent in the third quarter, revised upward from the previous estimate of 3.9 percent. Not since 2003 has the economy expanded so quickly. | The Commerce Department said gross domestic product growth hit an annualized rate of 5 percent in the third quarter, revised upward from the previous estimate of 3.9 percent. Not since 2003 has the economy expanded so quickly. |
| The third quarter performance, coupled with 4.6 percent growth in the second quarter, amounts to the best sign since the Great Recession that the U.S. recovery has hit its stride. Stocks jumped on the news. The Dow Jones industrial average topped 18,000 for the first time after markets opened. | |
| With oil prices falling, consumers are saving hundreds at the pumps and have more money in their wallets. That’s helped fuel an uptick in consumer spending, which coincides with a year of robust job growth. Economists think the run of good news could spill into the fourth quarter, paving the way for the sharpest U.S. expansion since the recession. | With oil prices falling, consumers are saving hundreds at the pumps and have more money in their wallets. That’s helped fuel an uptick in consumer spending, which coincides with a year of robust job growth. Economists think the run of good news could spill into the fourth quarter, paving the way for the sharpest U.S. expansion since the recession. |
| Personal consumption was up 3.2 percent in the third quarter. | Personal consumption was up 3.2 percent in the third quarter. |
| For quarterly gross domestic product, which measures all goods and services produces, the U.S. government releases an initial estimate, and then two revisions. This was the second of those revisions. | For quarterly gross domestic product, which measures all goods and services produces, the U.S. government releases an initial estimate, and then two revisions. This was the second of those revisions. |