US GDP in the third quarter increased strongly thanks to vibrant consumption, despite high interest rates, inflationary pressures and many challenges both domestically and internationally.

Commerce announced that the country's GDP increased by 4.9% in the third quarter. This speed is higher than 2.1% in the previous quarter and also slightly better than economists' forecasts.

The increase comes from both consumption, exports, investment in housing and public spending. In particular, consumption increased by 4%, 5 times the speed of the third quarter. Public spending and investment increased by 4.6%.

The third quarter is also the strongest quarter of growth for this economy since the end of 2021. The above data can help the US Federal Reserve (Fed) have more motivation to maintain monetary tightening. However, investors still bet that the Fed will not raise interest rates at next week's meeting. Interest rates in the US are currently the highest in 22 years.