President Barack Obama says 2014 will be a 'breakthrough year' for the US economy.
The briefing room at the White House. Photo: AFP
Economic growth in the United States was revised upwards to its fastest pace since late 2011 on Friday.
The Commerce Department said GDP grew at an annualised rate of 4.1% between July and September, up from an earlier 3.6% estimate.
The BBC reports that gave shares a boost and the Dow and S&P 500 indexes closed at records.
In his last news conference of the year, Mr Obama highlighted the improving data as promising for the year ahead.
"We head into next year with an economy that's stronger than it was when we started the year (and) more Americans are finding work and experiencing the pride of a paycheck," he said.
Much of the revision was due to stronger consumer spending, which accounts for two-thirds of the economy.
The BBC reports business spending was also stronger than previous estimates.
