ITs not good news; its inflationary and it is the direct result of a Congress unrestrained by the "conservative" (at election time) Bush pouring hundreds of billions of dollars the government does not have into an unfunded war and dubious social projects. The American public ends up paying for growth of this sort and its done through the devaluing of their savings and incomes.
5.3% growth is not inflationary it's in the healthy ranges of growth. If and when we hit 6% or higher in the next few consecutive quarters then I would worry about over heating of the economy. Fed interest rate hikes have been keeping inflation in check and has been cooling the economy slightly as well.
See my #27.