The U.S. economy grew at the fastest rate in 11 years during July, August and September, expanding by five percent, which is much a faster pace than first thought.

Tuesday’s report from the Commerce Department showed a sharp increase in third-quarter gross domestic product, which is the sum of all the goods and services produced in a nation. It is the broadest measure of economic health.

Experts routinely revise GDP estimates as more complete data become available.

In this case, stronger consumer spending and business investment helped bolster growth.

A separate measure of consumer sentiment by the Gallup polling agency showed economic confidence at the highest level in 2014. Confident consumers are more likely to spend money, and their purchases drive most U.S. economic activity.  

The flurry of mostly good economic news encouraged investors, and the key Dow stock index rose above 18,000 for the first time.  

Experts say the strong growth figures might prompt the U.S. central bank to consider raising interest rates sooner or higher than they would otherwise. The Federal Reserve says it will be “patient” in evaluating new economic data. Many economists had been predicting that they will raise the key interest rate in the middle of 2015.

 
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