The US economy grew at the fastest pace in nearly two years last quarter on a burst of consumer spending, which will be tested in coming months.
Gross domestic product accelerated to a 4.9% annualized rate, more than double the second-quarter pace, according to the government’s preliminary estimate Thursday. The economy’s main growth engine — personal spending — jumped 4%, also the most since 2021.
A closely watched measure of underlying inflation cooled a bit more than expected to the slowest pace since 2020. The S&P 500 opened lower and Treasuries rose.
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