Wall Street Journal (12/23/14) Ben Leubsdorf; Jonathan House

The economy grew at a seasonally adjusted annual pace of 5.0% in the third quarter, according to the U.S. Department of Commerce, up from 4.6% in the second quarter and the strongest pace since the third quarter of 2003. The agency previously had estimated third-quarter GDP growth at 3.9%, and economists polled by the Wall Street Journal had forecast a smaller upward revision of 4.3% growth.

The economy has seen strong growth since the spring, following a fleeting GDP contraction in the first quarter. Meanwhile, hiring this year was its most robust since 1999.