The Commerce Department has revised its estimate of third-quarter growth upward to 5.0% annually – the fastest spurt in 11 years.  This comes on the heels of 4.6% annual growth in the second quarter. The figures represent the best economic performance for two successive quarters since 2003. Reuters: GDP growth has now been revised up by a total of 1.5 percentage points since the first estimate was published in October. Big revisions are not unusual as the government does not have full information when it makes its initial estimates. U.S. stock index futures extended their gains after the report, while U.S. Treasury debt yields rose slightly. The dollar rose to a fresh eight-year high against a basket of currencies. The economy expanded at a 4.6 percent rate in the second quarter, meaning it has now experienced the two strongest back-to-back quarters of growth since 2003. Economists polled by Reuters had expected growth would be raised to a 4.3 percent...(Read Full Post)