US economy grows incredible 5%; strongest growth since 2003
Quote:
Evidence is mounting that the U.S. economy is kicking into high gear.
Gross domestic product soared 5% on an annual basis in the third quarter, the government said on Tuesday.
To put that in perspective, it's the strongest quarter of growth since 2003.
"Other than the first quarter's weather-induced contraction, there's no doubt the economy has been great this year," said Dan Greenhaus, chief global strategist at BTIG. Investors cheered the news, sending the stock market to record highs with the Dow crossing 18,000 for the first time ever.
Growth came across the board with business investment, consumer spending, housing, exports and government spending all showing signs of strength.
Feeling more confident, consumers ramped up their spending to a healthy pace of 3.2%, compared with previous estimates for 2.2%. With gas prices remaining low, many expect that trend to continue through the holidays.
"Consumer spending north of 3% is pretty darn good these days," said Greenhaus.
Defense spending was also a huge driver in the third quarter, surging 16%.
yet, when the economy was struggling it was his fault?
please, henny
Neither was his fault. There was a global economic meltdown that affected almost every country. Now (just like with many countries), we're bouncing back.
