It’s only bad news if you insist on believing the economy is in the tank, or if you are running for the Presidency (current occupant excluded).
WASHINGTON (Reuters) – The U.S. economy rocketed ahead at its fastest pace in more than 19 years in the third quarter of 2003 as consumers, their wallets fattened by tax cuts, went on a buying spree, an unexpectedly strong government report showed on Thursday.
U.S. gross domestic product surged at a 7.2 percent annual rate in the July-September period, the Commerce Department said. It was the steepest climb since the first quarter of 1984 and more than double the second quarter’s 3.3 percent rate.
The increase, which also reflected a big gain in business capital spending, outstripped forecasts on Wall Street, where most economists had looked for a rise closer to 6 percent.