The US economy grew stronger than expected in the third quarter

The US economy expanded at a remarkably strong pace in the third quarter, despite interest rates at their highest level in 22 years.

Gross domestic product grew at an annualized 4.9% rate in the third quarter. That’s well above the second quarter’s 2.1% pace and faster than economists’ expectations of a 4.3% rate.

GDP expanded in the July-through-September period at its fastest pace in nearly two years, defying expectations in the aftermath of the spring banking crisis that the US economy would slip into recession by now.