WASHINGTON (MarketWatch) — The gift millions of Americans would like for Christmas is a fast-improving economy. And it’s looking more and more like they are getting it.

The latest batch of economic reports in a holiday-shortened week is likely to underscore the progress made by the U.S. as 2014 comes to a close. Consumer spending in November probably surged as the holiday season got underway. Business investment may have rebounded last month after hitting a soft patch in the early fall. Inflation is in retreat. And the third quarter may have grown sharply faster than previously reported.

If the momentum is sustained, the unemployment rate could tumble toward the 5% mark in 2015 from 5.8% in November. The U.S. is on track to add about 2.9 million new jobs this year to mark the biggest gain since 1999, but another big increase in 2015 would help whittle down the still unusually high number of unemployed — some 18 million people who say they want a full-time job but can’t find one.

“There is considerable momentum in the economy,” said Neil Dutta, head of economics at Renaissance Macro Research. He’s one of an increasing number of experts who think an economic breakout has already occurred and that it will accelerate in the upcoming year.

Betting on the U.S. Economy in 2015

Consumer lift-off

The surefire way to gauge whether the economy is building momentum is to look at consumer spending, the lifeblood of the U.S. economy. Analysts polled by MarketWatch predict spending jumped 0.5% in November, which would match the biggest monthly increase of the year.

Here’s what would make such a gain even more impressive. Plunging oil prices are expected to cause spending on gasoline to shrivel in November, but economists think consumers probably diverted most of the fuel savings into purchases of other goods and services.

One piece of evidence: Retail sales jumped a healthy 0.5% in November excluding the auto industry.

The drop in gasoline prices has played a part in boosting spirits during the holiday season. Tumbling energy prices are reducing inflation and putting more money in people’s pockets, making paychecks stretch further.

As a result, the mood of consumers has also brightened considerably. The monthly survey of consumer sentiment, for example, hit the highest level in November in almost eight years.

Getting down to business

Business investment is also likely to snap back after rough patch in September and October, helped by a rebound in demand for cars, trucks and commercial aircraft.

Boeing took in orders for 224 new planes in November, up from just 46 in October. And sales of new autos jumped to a 17.2 million annual rate from 16.5 million in the prior month — putting the industry on track for the best year of sales in eight years.

Auto dealers even boosted sales without resorting to deep discounts, another sign that underlying demand in he economy is strong.

What might also add to the holiday cheer, at least among economists, is a sharp upward revision in third-quarter gross domestic product to an estimated 4.5% from 3.9%. That would offer more proof the economy is even stronger than it seems.

Consider this. Annualized growth has ranged from 3.5% to 4.6% in the past five quarters, excluding a 2.1% drop in the 2014 first quarter cause by one of the harshest winters in decades.

The only major area of the economy not basking in the glow right now, it seems, is housing. Sales and new construction are rising, but ever so slowly, and no one is expecting a breakout anytime soon.

In November, economists predict little or no change in the number of new or existing homes that were sold.