U.S. GDP grew at a 4.9% annual pace in the third quarter, better than expected

The U.S. economy grew even faster than expected in the third quarter, buoyed by a strong consumer in spite of higher interest rates, ongoing inflation pressures and a variety of other domestic and global headwinds.

Gross domestic product, a measure of all goods and services produced in the U.S., rose at a 4.9% annualized pace in the July-through-September period, up from the 2.1% pace in the second quarter. Economists surveyed by Dow Jones had been looking for a 4.7% acceleration.

The sharp increase came due to contributions from consumer spending, increased inventories, exports, residential investment and government spending.

This is breaking news. Please check back here for updates.