In the third quarter of the year, the US economy expanded more quickly than anticipated thanks in part to high consumer spending and a tight labor market.

The government’s initial estimate states that during the July–September period, the economy grew at an annual rate of 4.9%.

The largest increase since the final three months of 2021 was observed.

Despite the Federal Reserve’s efforts to curb consumer spending by raising interest rates, consumers continued to spend heavily.

The third quarter of this year saw the economy expand by 4.5%, according to analysts’ predictions.

However, a robust labor market allowed customers to demand higher salaries and continue making summertime purchases of movies, concerts, and vacations.

Spending by consumers, which makes up more than