US economy grew at 4.9%, more than doubling previous quarter

U.S. economic growth more than doubled in the third quarter compared to the second, with the gross domestic product, which measures all goods and services produced, reaching 4.9%, the U.S. Commerce Department said Thursday.

The second quarter's GDP was at 2.1%, and the rate increase in the third quarter reflects "accelerations in consumer spending, private inventory investment, and federal government spending and upturns in exports and residential fixed investment," the department also said.

This is the largest GDP increase since the fourth quarter of 2021 hit 7%. 

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