Bureau of Economic Research released revised Q3 GDP numbers this morning, and they are SMOKING - as Larry Kudlow, says, it's a Goldilocks economy, not that you'll ever see the mainstream media ever admit it.
"Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 4.9 percent in the third quarter of 2007, according to preliminary estimates released by the Bureau of Economic Analysis. In the second quarter,real GDP increased 3.8 percent. The GDP estimates released today are based on more complete source data than were available for the advance estimates issued last month. In the advance estimates, the increase in real GDP was 3.9percent (see "Revisions" on page 3)."
Fantastic numbers, best in several years if they hold up through the future revisions (the BEA periodically goes over the numbers as additional data is compiled and revisions often happen years down the road, but the quarterly numbers are a very good indicator of how the economy is doing overall).