GDP Growth: A Closer Look at How the U.S. Economy Did in Q3

"A fairly good report, based on the details, which should provide a degree of support to stocks, weighing somewhat on fixed income," said CIBC analyst Peter Buchanan.

But let's check under the hood, at three aspects of the report, spending, income and the future.

SPENDING

Consumer spending last quarter rose a strong 2.4 percent. But that increased spending came at the expense of savings, which fell during the quarter to 4.1 percent from 5.1 percent, said Dave Rosenberg, chief economist with Gluskin + Sheff Associations Inc.

"Absent that impact, consumer spending would have come in with a tepid 1.3 percent growth rate," said Rosenberg.

Consider as well what consumers spent more on last quarter: healthcare and utilities, essential items - note discretionary ones. In other wrods, they went to the doctor and replaced refrigerators; they didn't go to Bali or buy new furniture.

INCOME

Personal income growth slowed from 4.6 percent to a seasonally adjusted annual rate of 0.9 percent. Some analysts point to the third quarter's higher inflation as a factor.

"The weakness in real disposable income partly reflected the strength of consumer price inflation, up 2.4 percent quarter-over-quarter annualized," said Barclays Capital analyst Peter Newland.