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U.S. economy grows at fastest pace since 2003

by Loretta Clodfelter

U.S. economic growth in third quarter 2014 has been revised upward in the most recent estimate from the Department of Commerce’s Bureau of Economic Analysis. According to the latest estimate from the BEA, the U.S. GDP increased 5 percent on an annualized basis in the third quarter — the highest figure in 11 years — and an upward revision of 1.5 percentage points from the initial estimates on third quarter GDP growth.

The U.S. economy has been on a tear this year, with growth well ahead of the rest of the developed world. Key data have also been positive: real personal consumption expenditures increased 3.2 percent in the third quarter, investment in nonresidential structures increased 4.8 percent, and real federal government consumption expenditures and gross investment increased 9.9 percent.

With U.S. employment increasing, gas prices on the decline and consumer confidence surging, the U.S. economy looks set for continued strength in 2015.

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