Politics
Politics

U.S. Economy Grows 5%, Fastest Pace Since 2003

| by Sean Kelly

Things seem to be looking up for the U.S. economy.

According to reports, GDP (gross domestic product) experienced a 5% growth in the third quarter. This quarter is the strongest since 2003.

“Other than the first quarter's weather-induced contraction, there's no doubt the economy has been great this year,” BTIG chief global strategist Dan Greenhaus said.

The news made its way to Wall Street, causing investors to send the stock market to “record highs” with the Dow ending above 18,000 for the first time ever.

The growth didn’t stop there, with “business investment, consumer spending, housing, exports and government spending all showing signs of strength,” according to CNN. Consumer spending increased to 3.2%, after it was previously estimated to be at 2.2%. “Consumer spending north of 3% is pretty darn good these days,” Greenhaus said.

This year has also proven to be an excellent one for businesses. 321,000 jobs were added in November, making this year the strongest for job growth since 1999. The economic growth could reportedly allow for the Federal Reserve to increase interest rates in 2015.

A CNN/ORC poll indicated that the American public is, for the most part, optimistic about the economy’s turnaround. According to the poll, “more than half of Americans think the economy is in good shape.” This shows a drastic improvement from October, when just 38% of Americans thought the economy had improved.

Source: CNN / Photo Credit: money.cnn.com

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