Defense Spending Leads 3.5% GDP Growth in 3Q

Summary

The advance report for real GDP growth in 3Q14 came in stronger than expected, up 3.5% QoQ SAAR. However, much of this was driven by an astounding 16.0% jump in national defense spending, the largest gain since 2Q09. Despite the favorable headline figure, this reflects more of a one-off event rather than a steady continuation of the momentum gained in 2Q14

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