The US economy grew at its fastest pace in two years in the third quarter, fuelled by consumer spending and export growth.
Gross domestic product increased 4.3 per cent – smashing expectations of 3.3 per cent.
US president Donald Trump posted on Truth Social: ‘the TARIFFS are responsible for the GREAT USA Economic Numbers… AND THEY WILL ONLY GET BETTER!’
The performance could lessen the chances that the US Federal Reserve will need to cut interest rates in January.
However, there were signs that momentum had faded amid the rise in the cost of living and a government shutdown.
Economists say higher-income households are driving spending thanks to a stock market boom inflating their portfolios, while middle and lower income households have pulled back.
Rally: US gross domestic product increased at an annualised pace of 4.3% – smashing expectations of 3.3% growth – according to latest figures
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