The US economy grew at a robust 4.9% rate in the third quarter

The US economy expanded at an even stronger pace in the third quarter, despite interest rates at their highest level in 22 years.
Gross domestic product, a measure of all goods and services produced in the economy, grew at an annualized 4.9% rate in the third quarter, the Commerce Department reported Thursday. GDP is adjusted for inflation and seasonal swings.
That’s well above the second quarter’s 2.1% pace and faster than economists’ expectations of a 4.3% rate.
Robust consumer spending fueled growth in the third quarter, a sign of the economy’s remarkable resilience in the face of tougher borrowing costs and persistently high inflation.
But that strength isn’t expected to continue as the economy faces a number of headwinds, including soaring bond yields and the resumption of student loan repayments.
This story is developing and will be updated.