U.S. GDP Revised Higher to 5% in Q3, Topping Estimates

The U.S. economy grew at a rate of 5% during the third quarter, according to new data released Tuesday morning by the Bureau of Economic Analysis.
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The U.S. economy grew at a rate of 5% during the third quarter, according to new data released Tuesday morning by the Bureau of Economic Analysis, compared to a previously reported 3.9% and higher than analyst estimates of 4.3%. While the GDP numbers pushed stocks higher, the news wasn't all that rosy. Durable goods dropped 0.7% in November, the third decrease in the last four months. TheStreet's Scott Gamm speaks with Ward McCarthy, chief financial economist at Jefferies to discuss the latest GDP numbers and if the economic data will make a stronger case for the Federal Reserve to raise short-term interest rates sooner, rather than later.