Americans continued their revenge spending in the third quarter despite persistent inflation and rising interest rates, helping the U.S. economy grow at its fastest pace since late 2021.
Real gross domestic product (GDP) grew at a 4.9% annual rate last quarter, according to the so-called advance estimate that the Bureau of Labor Statistics (BLS) reported Thursday. That’s up from just 2.1% in the second quarter. The latest figure was buoyed by rising federal and state government spending, increased exports, and inventory investments from businesses, the BLS explained.
