The U.S. economy expanded at a fastest pace in nearly two years in the third quarter of this year as higher wages helped boost consumer spending.
Gross domestic product rose 4.9% year-on-year in the third quarter, which was the fastest pace since the fourth quarter of 2021, according to the data from the Commerce Department’s Bureau of Economic Analysis. The reading was also higher than estimated consensus polled by Reuters at 4.3%. The estimate ranged from 2.5% to 6.0% growth.
Expansion in the third was also much higher than a 2.1% growth in the April-June quarter.
Meanwhile, data showed that there were 210,000 Americans filing for unemployment benefits during the week ending October 21, up from 200,000 in the previous week.
