NEW YORK (CNNMoney) — The U.S. economy kicked into high gear during the third quarter.
Gross domestic product soared by 5% in the three months ended September 30 on an annualized basis, the government said on Tuesday.
To put that in perspective, it’s the strongest quarter of growth since 2003. The new figure, the third and final reading on GDP, represents an upgrade from the Commerce Department’s initial estimate of 3.9% growth.
The more optimistic assessment of economic growth was driven by stronger readings of consumer and business spending.
The stellar third quarter also marks an acceleration from the very strong growth of 4.6% during the second quarter and the rough first quarter when GDP was -2.1% due to the harsh winter weather.