Economy Grows at Fastest Rate Since 2003
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The Commerce Department announced today that the US economy grew at an annual rate of 5% in the third quarter, the fastest rate since the summer of 2003. The rate was revised sharply upward from the initial estimate of 3.9% growth. Increased corporate investments were chiefly to thank for the startling uptick, but healthy consumer spending and an improved trade balance also helped.
Economists don't expect to see that growth level sustained in the fourth quarter, but deceleration should be modest. Yesterday, some market mavens reigned in their expectations for Q4 growth in the face of slowing existing home sales.