According to the latest numbers from the Bureau of Economic Analysis, the nation’s economy grew at an annual rate of 5 percent in the third quarter of 2014, after growing 4.6 percent in the second quarter.
Third-quarter growth was the highest quarterly number since 2003, and at 5 percent was substantially higher than the initial BEA estimate of 3.5 percent released on Oct. 30, right before the mid-term elections.
That pace of growth is also producing more jobs, with 2014 expected to post the strongest job-growth numbers since 1999.
In another new data release, consumer spending rose 0.6 percent in November, exceeding most expectations. Updated data reports a spending jump of 0.3 percent for October, an increase from earlier reports.
And as you might expect with all the good economic news, the Dow this morning broke through the 18,000 mark for the first time in history, rising 12 percent just since mid-October.
In other words, Merry Christmas everyone!