Powered by strong consumer spending, the U.S. economy grew at the fastest pace in two years from July through September, the government said Thursday in a slight upgrade of its first estimate.
America’s gross domestic product — the nation’s output of goods and services — rose at a 4,4% annual pace in the third quarter, the Commerce Department reported Thursday, up from 3.8% in the April-June quarter and from the 4.3% growth the department initially estimated. The economy hasn’t grown faster since third-quarter 2023.
Consumer spending, which accounts for 70% of U.S. GDP, grew at a healthy 3.5%pace. A surge in exports and a drop in imports also contributed to robust third-quarter growth.
