U.S. GDP soared 5% in 3Q

The latest economic data shows U.S. economy picking up steam.    The U.S. economy took off in the third quarter, growing at a 5-percent annualized pace, according to the Department of Commerce’s third and final estimate Tuesday morning. The previous estimate of 3.9 percent was based on less complete corporate and other data.
   Real Gross Domestic Product grew 4.6 percent in the second quarter.
   Consumer spending propelled the economy, growing faster than expected, the Commerce Department said.
   Consumer spending, which accounts for more than two-thirds of GDP, is expected to be strong again in the fourth quarter, as job growth continues to increase and falling gasoline prices put more disposable income in people’s wallets. High demand for goods translates into more demand for transportation services.
   Imports, which are counted against GDP, also tailed off as the peak shipping season reached its peak. Exports, however, were weaker as the strong U.S. dollar discouraged overseas buying of American goods. Exports grew 4.5 percent in the third quarter from the previous quarter, compared to an 11.1-percent increase in the second quarter.
   The report is the latest sign of economic strength in the United States. The unemployment rate has fallen below 6 percent and job creation has been exceptionally strong for several months. Surveys show consumer confidence on the upswing and the housing market continues to improve.