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The U.S. economy grew at a brisk 5 percent annual rate last summer

The U.S. economy grew by a robust five percent annual rate in the third quarter of 2014, the Commerce Department announced Tuesday. That's the fastest growth since the summer of 2003, and a sharp upward revision from the 3.9 percent growth the department initially estimated for the July-September quarter.

Coming on the heels of a strong 4.6 percent annual growth in the second quarter of the year, this number suggests the economy may finally be returning to a pre-recession norm.