Obama team hails good economic numbers

President Obama's economic team is hailing new economic growth numbers, while cautioning that more work needs to be done.

"The steps that we took early on to rescue our economy and rebuild it on a new foundation helped make 2014 already the strongest year for job growth since the 1990s," says Jason Furman, chairman of the president's Council of Economic Advisers, writing on the White House blog.

Furman posted shortly after the Commerce Department reported that the gross domestic product grew at a 5% annual rate for the July-September period, the fastest pick-up in more than a decade.

"The strong GDP growth is consistent with a broad range of other indicators showing improvement in the labor market, increasing domestic energy security, and continued low health cost growth," Furman writes.

Echoing the president, the CEA chair writes that "2014 was a breakthrough year for the United States across a wide range of metrics important to middle-class families. Nevertheless, there is more work to be done to ensure that all Americans can share in the accelerating recovery."