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U.S. Economy Growing at Fastest Pace Since 2021

At 4.9%, Q3’s annualized GDP growth was more than double the second-quarter pace.

By Reade Pickert | October 26, 2023 at 12:53 PM
Photo: A worker puts together a cabinet at a wood shop in Auburn, Kentucky. Photographer: Luke Sharrett/Bloomberg A worker puts together a cabinet at a wood shop in Auburn, Kentucky. Photographer: Luke Sharrett/Bloomberg

The U.S. 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 (GDP) accelerated to a 4.9 percent 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 percent, 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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