The U.S. economy grew at its fastest pace in four years during the third quarter.

The U.S. Commerce Department today reported that third-quarter gross domestic product rose at an unrevised 4.9% annual rate, quicker than its solid 3.8% performance in the second quarter.

Economists had called for a 5% increase in GDP growth during the third period.

The U.S. economy’s growth in October through December is expected to have slowed to a pace of just 1.5% or less.

Meanwhile, the U.S. Labor Department today said initial claims for jobless benefits increased by 12,000 to 346,000 after seasonal adjustments in the week ended Dec. 15. Wall Street economists had expected a gain of only 2,000 from the previous week.

Reports on the November leading economic indicators from the Conference Board and the December Philly Fed survey are due after the open.

Also, the Federal Reserve will hold its second auction of $20 billion in 28-day funds.