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Tipsheet

This Christmas, Good Economic News

This week, the Commerce Department released revised figures of the economy's performance, and in their estimation, the economy surged in the third quarter of 2014 - growing at a 5% clip, which is the best such estimate in more than a decade.
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As Bloomberg reported:

Gross domestic product grew at a 5 percent annual rate from July through September, the biggest advance since the third quarter of 2003 and up from a previously estimated 3.9 percent, revised figures from the Commerce Department showed today in Washington. The median forecast of 75 economists surveyed by Bloomberg projected a 4.3 percent increase in GDP.

This is a revised rate - the Commerce Department previously estimated that the economy had grown at a 3.9% rate in the third quarter.

This doesn't mean that the economy is healthy. Far from it. But the economy has continued rebounding - even after the stimulus' effects are long over, even after the sequester took a huge chunk out of federal spending. It's also doubtful the Commerce Department is intentionally "cooking the books" - this is a revised estimate, after an earlier, more pessimistic one, and one that's dropped right before the biggest holiday season of the year. It's not something that's going to dominate headlines at a politically-potent time.

So it's mild good news. Not jump-for-joy news, but good nonetheless.

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