Third-quarter GDP was revised sharply higher to plus 5% for the strongest rate since way back in the third quarter of 2003, based almost entirely on a surge in personal consumption spending on Obamacare.

This, the second revision, is up 1.1 percentage points from the first revision and compared to plus 4.6% for the second quarter, reflects gains for health care, recreation, financial services, and software.

Final sales were also revised sharply higher, to plus five versus a prior reading of 4.1%.

GDP prices remain soft at plus 1.4% in a reading that is likely to ebb further given this quarter's drop in oil prices.

December's results point to unexpectedly strong economic momentum going into the current quarter.