The U.S. economy received some much needed good news on Thursday when the Department of Commerce released the nation's most recent data on the country's gross domestic product, according to CNN Money.
Based on that broad measure, the country's economy grew at an annualized rate of 2.5 percent in the third quarter of the year, nearly double the 1.3 percent that the nation saw in the second quarter and more than six times the 0.4 percent growth rate seen in the first quarter.
The growth came on the back of substantially increased consumer spending and greater investments from private companies, even as government spending dropped at an even greater rate. Under normal circumstances, government spending provides a roughly 0.25 percent boost.
This marks nine consecutive quarters of gains after the massive losses sustained during 2008 and 2009, and should help to quell fears of a double dip recession in coming months. With the steady recovery from a number of unanticipated shocks earlier in the year, economists had predicted substantially improved growth, but The Washington Post reports that the underlying statistics proved surprisingly positive.