The US' GDP grew at a 4.1% annualized rate in the third quarter, its best showing since the last three months of 2011, the Commerce Department announced today. The number is revised upward from the Department's initial 3.6% estimate. Economists surveyed by Bloomberg had been expecting that 3.6% number to hold. It also represents a big jump from second quarter's 2.5% move.
Soaring stock and home prices are "leading to pretty healthy gains in wages and salaries," one economist explained. "All of that is coming together to create accelerating private domestic demand, which bodes well for GDP growth heading into next year."