Updated Oct. 26, 2023 12:21 pm ET
U.S. economic growth surged this summer, as consumers spent at a blockbuster rate that will be difficult to sustain.
The economy expanded at a 4.9% annual pace in the third quarter—more than double than in the second quarter—the Commerce Department reported Thursday. Overall gross domestic product, reported as a seasonally- and inflation-adjusted rate, and consumer spending both recorded the fastest pace since late 2021. The acceleration won’t change the Federal Reserve’s plans to hold rates steady at their meeting next week.
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