The US economy expanded faster than expected in the third quarter, growing at its quickest pace in almost two years in the latest sign of the country’s economic resilience in the face of high interest rates.
Strong consumer spending drove a 4.9 per cent annualised increase in gross domestic product, according to preliminary figures from the commerce department’s Bureau of Economic Analysis.
That was a jump from a 2.1 per cent rate in the second quarter, and the strongest figure since the fourth quarter of 2021. Economists on average had predicted a rate of 4.3 per cent.
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