The revised GDP number for third quarter 2014 in the US surged to 5.1 percent in the announcement from the Commerce Department on Monday. That is the best number in a very long time. The year as a whole is still expected to finish closer to 2 percent than 3 percent, but good news is good news.
Is this the beginning of a growth break out? It could be. The most encouraging part of Monday's report was the boost in business investment spending.
For consumers, the fall in gas prices at the pump and the coming fall in home heating costs are big, big positives. The negatives are the continuing sluggishness in housing, the damage done to the domestic oil industry from the collapse in the price of crude oil, and the continued strangulation of the banking system by regulators.
Economic growth solves lots of problems. Something good could be in the offing.