The U.S. economy grew at an annualized rate of 4.9% in the third quarter as higher wages helped fuel consumer spending and businesses restocked at a brisk clip to meet the strong demand. Growth in consumer spending, which accounts for more than two-thirds of U.S. economic activity, accelerated at a 4.0% rate and added 2.7 percentage points to GDP growth, and was driven by spending on both goods and services. Though the blockbuster performance over the summer is likely not sustainable, it showcased the economy's stamina despite aggressive interest rate increases from the Federal Reserve.

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