Just one day after the Fed declined to raise interest rates and five days until the midterms, Americans woke up to some encouraging economic news Thursday, as new government numbers show the U.S. economy is growing faster than expected.

Those new numbers come via the Commerce Department and show that the gross domestic product (GDP) grew at a healthy 3.4 percent annual rate in the third quarter, which is up from 2.2 percent in the previous quarter, beating economists' expectations.

Consumer spending also grew, clocking in with a solid 3.8 percent annual rate, while business investment surged, particularly in the areas of technology and artificial intelligence.

There is, however, still one bugaboo: inflation.

A separate report showed annual inflation rising to 3.6 percent in September, up from 3.4 percent in August. Core inflation, which excludes things like food and energy prices, also ticked slightly higher to 3.1 percent.

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All in all, though, the Trump administration is taking the win, with National Economic Council Director Kevin Hassett saying the GDP growth reflects "the strength of the overall economy."

HASSETT: A major boost for the economy. The nation's third-quarter GDP growth — get this — just released moments ago, showing the U.S. economy grew at an annual rate of 3.4 percent.

Now, it's surpassing expectations and showing the strength of the overall economy.

Now, the expectations said 3.2 percent. It's a major boost to President Trump's economic agenda.

In short, the overall economic picture is encouraging for President Trump and Republicans heading into next week's midterm elections.