Santa came a little early for businesses in the United States.
Strong consumer spending boosted the country's economy in the third quarter of 2014, sending gross domestic product up at a 5% annual rate. That accounts for the best quarter since 2003.
The economic report issued on Tuesday by the Commerce Department revised the previous report of 3.9% growth. Forward projections by economists predict a cooling in the fourth quarter to around 2.5%.
In addition to the previous growth, there's also reason for optimism in 2015. Oil prices have plummeted recently, leading to lower gas prices that give families additional money to spend elsewhere in the economy. More Americans are finding jobs as businesses project continued growth. Read more...
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