Trader Tom Cook prepares for the resumption of trading on the floor of the New York Stock Exchange, September 17, 2001. REUTERS/Peter Morgan America is just killing it.

Q3 GDP growth was just revised up to 5.0%, from last month's estimate of 3.9%.

This is the fastest pace of growth since Q3 2003. This was also much stronger than the 4.3% expected by economists.

"The increase in real GDP in the third quarter primarily reflected positive contributions from PCE, nonresidential fixed investment, federal government spending, exports, state and local government spending, and residential fixed investment. Imports, which are a subtraction in the calculation of GDP, decreased," the BEA said.

Services spending growth accelerated to a 2.5% rate, adding a whopping 1.2 percentage points to GDP growth.

Personal consumption growth was revised up significantly to 3.2% from 2.2%.

"The consumer was spending an enormous amount through September before they got their gasoline price tax cuts," Bank of Tokyo-Mitsubishi's Chris Rupkey said. "No wonder consumer sentiment is so high, the consumer is flush with cash, there are 2.7 million more consumers this year courtesy of new nonfarm payroll jobs, and they are out spending with abandon."

GDP skeptics often point to fluctuations in inventories and trade as factors distorting the truth. BMO Capital's Jennifer Lee notes that all of the popular adjusted GDP metrics still hit multiyear highs. From Lee's note:

Real gross domestic purchases (or GDP ex net exports) grew 4.1% annualized (was estimated at 3.0%), the second quarter in a row of 4%-plus gains.

grew 4.1% annualized (was estimated at 3.0%), the second quarter in a row of 4%-plus gains. Final domestic demand (or GDP ex inventories and net exports) grew 4.1% annualized (was estimated at 3.2%), a four-year high.

grew 4.1% annualized (was estimated at 3.2%), a four-year high. Final sales (or GDP ex inventories) grew 5.0% annualized (was estimated at 4.1%), an eight-year high.

"The solid labor market performance should translate into further income gains going forward, which should continue to support household spending in Q4, along with extra income generated from lower gasoline price," BNP Paribas' Bricklin Dwyer said.

Here's a look at growth by line item:

BEA

Here's how much each line item contributed to top-line growth:

BEA

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