Upon closer review: The U.S. economy grew at a solid 3.9% annual rate in the July-September period, even faster than first reported, giving the country its strongest back-to-back quarters of growth in more than a decade. The Commerce Department says the third quarter growth rate climbed from an initial estimate of 3.5% because of greater spending by consumers and businesses. The figure followed a 4.6% surge in the spring, which resulted in the biggest consecutive quarters of growth since 2003. Analysts believe growth could slow to around 2.5% in the current quarter but then accelerate again in 2015.
By the numbers: Whether they want to or not, consumers will soon know how many calories they are eating when ordering off the menu at chain restaurants, picking up prepared foods at supermarkets and even eating a tub of popcorn at the movie theater. The Associated Press reports the Food and Drug Administration is announcing long-delayed calorie labeling rules today, requiring establishments that sell prepared foods and have 20 or more locations to post the calorie content of food “clearly and conspicuously” on their menus. Companies will have until November 2015 to comply. Read the full story.
Rising to the top: In 2010, the IRS reports that the top 400 households—or the top 0.0003% of all US earners—took home 16% of all capital gains. As The Washington Post reports, that means one out of every six dollars that Americans made selling stocks, bonds, and real estate (worth more than $500,000) went to the top-third of the top-thousandth percent of households. That’s a marked increase from the years between 1992 and 2005, when the top 400 households received an average of 7.8% of all capital gains. “What’s changed? Well, the housing bust happened, the middle class got scared off stocks at the worst possible time, and the top 1% have more money to invest than at any time since 1939,” The Post reports. Read the full story.
