Bloomberg (12/20/13) Victoria Stilwell

U.S. gross domestic product rose at a 4.1% annualized rate during the third quarter, the highest since the final three months of 2011, according to the U.S. Department of Commerce. The figure has been revised upwards from the previous estimate of 3.6%.

Economists surveyed by Bloomberg had predicted a rise of 3.6%. Inventories accounted for a third of the gain in GDP, while retail sales increased in October and November. The wealth effects of rising equities and house prices are being bolstered by the improving labor market, leading to wage and salary gains. Consumer purchases rose 2.0%.

Conference Board News Release (12/19/13)

The Conference Board Leading Economic Index for the U.S. increased 0.8% in November to 98.3, after a 0.1% increase in October and a 1.0% increase in September. The gain was attributed to the improving labor market, new orders in manufacturing, and strong financial indicators.

The economy has been developing forward momentum and will continue to strengthen in 2014. However, there are concerns about consumers’ outlook on the economy and a reduction in housing construction permits.

CBS News (12/20/13)

The Obama administration is offering stopgap options so people whose existing health insurance plans have been canceled aren’t penalized. Monday, Dec. 23, is the deadline to purchase health insurance in order to be covered on Jan. 1. The Affordable Care Act mandates that all Americans have coverage or be assessed a fee in the form of a tax penalty. However, millions of people saw their plans cancelled because they did not meet new standards laid out in the law. U.S. Department of Health and Human Services Secretary Kathleen Sebelius plans to use authorities in the law to issue a ‘hardship exemption’ from tax penalties to those who received cancellations and were not able to purchase new coverage.