Ouch.
They said it wasn't going to last. They said it was a fluke. Well, they were wrong
The nation's economy surged forward in the third quarter at a rate well in excess of estimates just a month ago, the government reported this morning, thanks largely to a long-awaited increase in corporate investment in inventory and equipment.
The numbers, combined with growth in corporate profits, suggest that the economy is well past recovering from the doldrums of the past two years.
The revised estimate -- an annual growth rate of 8.2 percent -- was a full percentage point higher than the figures issued last month and dwarfed the second quarter growth rate of 3.3 percent. Wild swings in GDP growth from quarter to quarter are common.