US Economy Grew at a 4.9% Pace Last Quarter, Fastest Since 2021
- Consumer spending jumped at 4% rate, also the most since 2021
- Core PCE price index increased a less-than-forecast 2.4%
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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.