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The U.S. economy exceeded expectations with strong growth in the third quarter, according to a report from CNBC on Thursday. Despite challenges such as higher interest rates and inflation, consumer spending remained robust and helped drive the increase.

Commerce Department data showed that GDP rose at an annualized rate of 4.9% in Q3, up from 2.1% in Q2 (which was not revised). Economists surveyed by Dow Jones had predicted a 4.7% rise in real GDP after adjusting for inflation.

Michael Arone, chief investment strategist for U.S SPDR Business at State Street Global Advisors, commented on the report: “This confirms what we already knew – consumers were spending heavily during this period.” He also noted that this does not change the outlook for monetary policy and therefore there has been no major reaction from markets.

Arone added that future growth may slow down as consumer spending is expected to decrease along with government and business expenditures over the next few quarters: “It’s possible that this could be our peak GDP figure for now.”