(via NYTimes.com) The United States economy grew at a torrid 4.1 percent annual pace in the third quarter, the Commerce Department said Friday. That is the strongest growth in nearly two years, and only the third time the economy has expanded that quickly since 2006.
Economists had expected the final estimate of growth to be unchanged from that 3.6 percent. But data showed consumers have stepped up their spending on health care, houses and cars as the strengthening recovery has led to a sharp drop in the unemployment rate and rising home values have improved household balance sheets.
The Commerce Department bumped up its estimate of consumer spending, which accounts for more than two-thirds of economic activity, to a 2.0 percent rate from 1.4 percent, reflecting higher spending on both goods and services.
Continue reading at source article on NYTimes.com