GDP reports fastest growth in 11 years

Pop the champagne - strong consumer spending, fueled by more jobs, falling gas prices and increasing confidence, has propelled the economy to its highest growth rate in more than a decade. The Bureau of Economic Analysis reports the gross domestic product grew at an annual rate of 5 percent in the third quarter, its strongest showing since 2003.
 
The GDP report, released last week, shows the pace of consumer consumption and personal spending was revised up to 3.2 percent, while a separate government report indicates personal spending could increase even faster in the fourth quarter, possibly as high as 4 percent, according to Bloomberg Businessweek.
 
The increase in spending is attributed to falling gasoline prices; consumers seem to be spending the savings rather than putting it in the bank, the report states.

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