Even Faster

Today, the Commerce Department reported that the U.S. economy grew at an annual rate of 8.2% in the third quarter. This is even better than the 7.2% estimated last month.

One of the key factors causing the upward revision was the 18.4 percent growth rate in investment by business on new equipment and software.

There was more good economic news today. Consumer confidence registered another solid gain in November. According to the Conference Board:

Consumer confidence is now at its highest level since the Fall of 2002. The improvement in the Present Situation Index, especially in the jobs component, suggests that consumers believe a slow but sure labor market turnaround is underway.

All the stimulus provided by the tax cuts, low interest rates and the deficit are finally having an impact.