LONDON – This week’s “wow” revision to the third-quarter number for U.S. economic growth — from the prior estimate of 3.9 percent to 5 percent — is consequential in four important ways:
First, the jump in GDP growth signals a broadening of what had been a timid U.S. recovery. Coming on the heels of the strong second-quarter 4.6 percent bounce back and the impressive November monthly jobs gain (321,000 — another wow number), the third-quarter revision confirms a solid recovery is finally taking hold.
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