Consumer spending on health-care expenditures contributed to a bigger-than-expected upward revision to third-quarter GDP on Tuesday, and financial professionals told CNBC there is value to be found in the trend.
Lack of expansion in consumer services has been one reason why growth throughout much of the cycle has remained weak, Joe LaVorgna, chief U.S. economist at Deutsche Bank, told "Squawk on the Street." That seems to be changing, and the trend is unambiguously good for 2015, he said.
The health-care and technology sectors are two areas that could benefit from consumer services spending, said Chad Morganlander, portfolio manager at Stifel Nicolaus, also on "Squawk on the Street." He suggested sticking to "the bluest" of blue-chip health-care stocks, such as Abbott Laboratories and Aetna, and "old-world technology names" such as Cisco.
Stifel Nicolaus has been bullish and overweight on U.S. equities, but is now neutral, he said. The firm sees a 5-6 percent return for stocks in the United States next year, with earnings expanding 7 percent and forward-looking multiples at 16 times earnings.
Morganlander expects the Federal Reserve to allow rates to rise by a quarter to a half a percent next year. The impact on the overall financial system will be virtually nonexistent in the United States, but will result in dollar strength, he said. As a result, he advised investors to overweight U.S. equities and stay away from overseas stocks.
"Let's just face it. This is a global economy, but it's also a global financial market, and the economy overseas is doing lousy," Morganlander said, noting decelerating growth in China and emerging markets.
"The sovereign bonds trading there are telling you it's deflation, not disinflation or modest inflation," he added.
The U.S. Commerce Department on Tuesday revised third-quarter GDP growth to 5 percent, the fastest pace in 11 years and up from the previous estimate of 3.9 percent. Analysts had expected a revision to 4.3 percent growth.
LaVorgna sees the U.S. economy growing at 4 percent year over year in the fourth quarter. If economies in the rest of the world were performing better, growth would reach 5 percent.
Exports only account for 13 percent of U.S. GDP, and the remaining 87 percent of the economy stands to benefit from a huge tax cut in the form of lower energy costs, he said, noting that those effects have not yet materialized.
"I really wish this economy got more respect, because post-revision, the numbers look great," LaVorgna said.