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WASHINGTON Tarell Basham Jersey , Dec. 10 (Xinhua) -- The U.S. federal government budget deficit narrowed in November, as revenues increased and spending fell, the U.S. Treasury Department said on Wednesday.


The budget deficit was 56.8 billion U.S. dollars in November, down 58 percent from a deficit of 135.2 billion dollars a year earlier.


In the first two months of the fiscal year 2015, which starts Oct. 1 Quincy Wilson Jersey , the combined budget deficit stood at 178.5 billion dollars, down 21 percent from the same period a year ago.


The non-partisan Congressional Budget Office forecast in a report in August that the deficit would total 4,690 billion dollars in the fiscal year 2015, or 2.6 percent of the gross domestic product, significantly lower than a record high of 10 percent in 2009.


WASHINGTON Malik Hooker Jersey , Dec. 23 (Xinhua) -- The U.S. economy in the third quarter grew at its fastest pace in more than a decade, supported by robust consumer spending and business investment.


U.S. real gross domestic product (GDP) increased at an annual rate of 5 percent in the third quarter, the U.S. Commerce Department said Tuesday in its final estimate, a remarkable revision from the second estimate of 3.9 percent.


It marked the strongest growth pace for the world's largest economy since the third quarter of 2003. The strong upward revision reflected the strong performance of personal consumption expenditures and nonresidential fixed investment.


Personal consumption, which accounts for about 70 percent of the U.S. economy T.Y. Hilton Colts Jersey , grew 3.2 percent, compared with an increase of 2. 5 percent in the second quarter. Exports increased 4.5 percent, slower than an increase of 11.1 percent in the previous quarter.


Nonresidential fixed investment increased 8.9 percent, down from 9.7 percent in the second quarter but up from the previous estimate of 7.1 percent. Residential fixed investment increased 3. 2 percent, down from 8.8 percent in the previous quarter.


After experiencing an unexpected contraction in the first quarter Andrew Luck Colts Jersey , the U.S. economy has regained robust growth momentum. The U.S. GDP grew at an annual pace of 4.6 percent in the second quarter, meaning it has now experienced the two strongest back-to- back quarters of growth since 2003.


"The strong GDP growth is consistent with a broad range of other indicators showing improvement in the labor market and increasing domestic energy security," Jason Furman, chairman of the White House's Council of Economic Advisers, said in a statement on Tuesday.


By November T.Y. Hilton Black Jersey , the country has already added more jobs in 2014 than in any full calendar year since the late 1990s. Data for the recent months indicated the economy's resilience against the backdrop of a weakening global economy.


According to the latest projections by the Federal Reserve, the U.S. economy will expand at 2.3-2.4 percent this year, higher than its September's forecast of 2-2.2 percent. It maintained its forecast for 2015 GDP growth unchanged at 2.6-3 percent. Considering the improvements in the labor market, the central bank expected the unemployment rate to drop to 5.8 percent this year and further to 5.2-5.3 percent in 2015, both lower than its September's projections.


In view of lower energy prices Andrew Luck Black Jersey , the Fed sharply cut its inflation projections. It expected the price index for personal consumption expenditures to reach 1.2-1.3 percent this year, lower than its September forecast of 1.5-1.7 percent. In 2015, the inflation rate will stay around 1-1.6 percent.


Fed chair Janet Yellen said at a recent press conference that lower energy prices were positive to the U.S. economy, as lower energy prices would boost household demand and act like tax cuts for families.


The Commerce Department on Tuesday also revised upward its estimate of corporate profits in the third quarter. Corporate profits after tax, without inventory valuation and capital consumption adjustments Kids T.Y. Hilton Jersey , rose 2.8 percent from the second quarter, compared to the previous estimate of a 1.7 percent increase.


Economists widely believe a rapidly strengthening labor market and lower gasoline prices should provide the economy with sufficient momentum in 2015 and keep the Fed on course to start raising interest rates by the middle of next year.


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