U.S. GDP grows 3.5 percent in third quarter

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last updated 8 January 2015

That news gives "fresh hope that a stubbornly slow-footed recovery could be gaining speed," writes Chico Harlan at The Washington Post.

The Commerce Department made the announcement Thursday, stating that the U.S. economy grew at a 3.5 percent annualized rate from July to September. The growth beat expectations, despite "mounting concerns about the health of overseas economies," The Wall Street Journal reports. American consumer spending remained solid during the third quarter, and the U.S. trade deficit shrank.

The news comes after the Federal Reserve announced Wednesday that it would end its bond-buying program. Alan MacEachin, an economist at the Navy Federal Credit Union, told the Post that the growth "pretty much makes us the envy of the world, with the exception of China."