US economic growth fastest in 25 years

THE US economy rocketed ahead at its fastest pace in more than 19 years in the third quarter of 2003 as consumers, with wallets fattened by tax cuts, went on a buying spree, an unexpectedly strong US government report showed on Thursday.

US gross domestic product surged at a 7.2% annual rate in the July-September period, the Commerce Department said. It was the strongest advance since the first quarter of 1984 and more than double the second quarter's 3.3% rate.

The increase handily outstripped consensus forecasts on Wall Street, where most economists had anticipated a gain closer to 6%.