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The pace of growth in the U.S. nearly doubled in the third quarter compared to the previous three months. Gross domestic product, the broadest measure of U.S. economic health, grew at a 2.5% annual rate in the quarter after adjusting for inflation. That’s up from 1.3% growth in the second quarter and the anemic 0.4% pace in the first three months of the year, CNNMoney reports.
“The economy has shed fears of a double-dip recession,” said Sung Won Sohn, economics professor at Cal State University-Channel Islands, who said growth is no longer “stuck in neutral going nowhere fast.
The Dow Jones Industrial Average surged more than 300 points today, fueled by an apparent long-term plan to fix the European debt crisis and the positive GDP report.