Why should you be grateful this season? The economy might just be one reason

Economic rise and drop in gas prices equal major boon to U.S. economy

After years of economic slump, the economy jumped on the fast track, and is growing by its fastest rate in over a decade.

LOS ANGELES, CA (Catholic Online) - While low wages and stagnant jobs have made many Americans pessimistic about the economic recovery, these attitudes are starting to change as economic growth picks up steam.

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Investors, consumers and businesses are spending again, and the U.S. economic output rose about 5% during June through September, up from previous estimates of just 3.9% growth.

This followed growth in the second quarter of about 4.6%.

These growth figures means that 2014 has been the strongest year for growth since 2003.

The Dow Jones industrial average closed above 18,000 for the first time, while other major stock markets closed at record highs. The Dow is up 8.7% and the S.&P. 500 is up 12.7%.

"The data today is very consistent with a U.S. consumer that is doing quite well," said the chief United States economist at Barclays, Michael Gapen. "Consumers are receiving a boost in the form of lower gas prices, but they are also feeling more confident about their own futures because of the stronger labor market."

The economic growth rate is expected to slow slightly in the fourth quarter, but that is likely nothing more than a winter slump, not an end to growth.

The U.S. Commerce Department seems to share these views that the U.S. economy is growing and that the individual consumer has more spending power.

In a report published on December 24, personal spending increased by 0.6% in November, while in October that number had increased by 0.3%, this follows a 0.9% increase in personal income from September through November.

Unemployment is also down, dipping below 6% in some cases, and the major drop in gas prices has proved to be a massive boon to consumers, especially for the holiday shopping season.

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