US Economy grows by most in a decade this last quarter

[Moonlight J]

Thanks, Obama!

The world’s largest economy surged in the third quarter, expanding at the fastest pace in more than a decade, as U.S. consumers and businesses spent more than previously estimated.

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. The median forecast of 75 economists surveyed by Bloomberg projected a 4.3 percent increase.

http://www.bloomberg.com/news/2014-12-23/economy-grows-by-most-in-a-decade-on-u-s-consumer-spending-gain.html

[johnnya24]

I'll put money on it being an anomaly or a cooking of the figures rather than anything concrete. 5% just makes no sense. Has the US all of a sudden started making stuff again?

There isn't much that's solid to hold onto there if it's driven by cheaper oil, consumer spending, consumer debt growth, financial services, and increasing stock prices ... practically nothing solid apart from an apparent huge hike in military spending, which is always a dependable stimulus for the US economy, and of course detrimental to the ever increasing national debt.

... not even taking into account the wider economic malaise.

[SeaDogStat]

It's amazing what lower gas/oil prices do for the US economy... keep jamming it up the Iraqis ass, OPEC!

Gracias

[onejayhawk]

I would be interested to see where the growth was. There has been a lot of talk of activity in the energy sector, ie fracking. This may be the fruition of that. The decline in fuel prices began in June, so it is reflected through whole quarter, but will be larger this quarter. Refining is up. The strong dollar has made imports cheaper. I would also like to know where business spending was centered.

It's amazing what lower gas/oil prices do for the US economy... keep jamming it up the Iraqis ass, OPEC!

Gracias

Iran, but we get the point. Also Russia.

J