Q3 economic growth came in at 3.7%, which was slightly lower than expected. This was driven by less than expected growth in business inventories, despite strong growth in personal consumption. It is important to note that even though this rate is slightly disappointing, it is above the long-term US trend growth rate.
It is also interesting to note that the Personal Consumption Expenditure deflator (i.e., the inflation rate for consumers as a whole) -- the number that the Federal Reserve relies on most heavily to set interest rates -- came in at a very low and decelerating 1.1% annualized rate. This gives the Federal Reserve ample room to pause before raising interest rates beyond the .25% already planned. Inflation just is not a problem in the economy, even with the recent rise in gasoline/oil prices. I guess that is why the rise in gasoline prices has not become a political issue.