- According to the Commerce Department, U.S. GDP rose 4.9 percent in the third quarter
- This is the highest growth in almost two years – fueled by consumer spending
The U.S. economy grew at its fastest pace in nearly two years this summer thanks to a surge in consumer spending.
Gross domestic product rose 4.9 percent annually in the third quarter, according to preliminary figures from the Commerce Department on Thursday.
That was up from 2.1 percent in the second quarter and the largest growth since the fourth quarter of 2021.
It comes two weeks before the Federal Reserve’s next monetary policy meeting, where it will decide whether to adjust interest rates.
High consumer spending has led to inflation that has proven difficult for authorities to contain, despite relentless interest rate hikes to raise borrowing costs.
This is breaking news. Updates to follow.
Gross domestic product grew at an annual rate of 4.9 percent in the third quarter, Commerce Department figures showed on Thursday