Posted at 11:29 AM
The Commerce Department's Bureau of Economic Analysis today reported that real gross domestic product(GDP) increased at an annual rate of 3.5 percent in the third quarter of 2014, according to today’s first, or “advance” estimate, exceeding expectations of private-sector forecasters.
“Today’s advance estimate of real GDP shows that America’s economy is coming back,” said U.S. Secretary of Commerce Penny Pritzker. “Recent data show that the U.S. economy has rebounded more strongly than most others around the world, leading the global recovery. We must build on this momentum by doing everything we can to spur job creation and lift incomes for American workers, as President Obama has called for. We must keep this economy moving forward and create more jobs by making long overdue investments in our infrastructure, strengthening regional manufacturing innovation hubs, helping more companies export to new markets around the world, and ensuring workers have the skills needed to succeed in a competitive global economy.”