One swallow does not a summer make; nor does a single quarter of economic growth guarantee the recession's end. Even so, the third-quarter US gross domestic product figures – annualised growth was 3.5 per cent – are heartening. Far from signalling that the time has come to launch exit strategies, however, they also reveal that it would be madness to withdraw stimulus measures right now.

The rebound of the world's largest economy was no surprise, but it was stronger than most forecasters expected. The detailed breakdowns make clear that the expansion was broad-based: virtually all components of output grew, or shrank at a much slower pace than in the previous quarter.

Americans rediscovered their taste for consumption: personal expenditures grew by an annualised 3.4 per cent after falling in four of the previous six quarters. Durable goods were swept up, with sales higher by an annualised 22 per cent, but services and nondurables as well grew at respectable if modest speeds. Businesses and households also started investing again: although non-residential construction fell for the fifth quarter in a row, equipment spending rose for the first time since 2007, and residential investment jumped by an annualised 23 per cent.