The U.S. economy grew 4.1% in the third quarter, which was the highest consumer spending in two years.

The U.S. economy grew 4.1% in the third quarter, which was the highest consumer spending in two years. The latest data shows that the U.S. economy grew 4.1% in the third quarter,...

The U.S. economy grew by 4.1% in the third quarter, the highest level of consumer spending in two years. The latest data shows that the U.S. economy grew by 4.1% in the third quarter, the largest increase since 2011 and higher than previously expected. The strong consumer spending of the U.S. population was indispensable. According to an earlier report by the New York Times, economists from Bloomberg News originally estimated growth of 2% in the third quarter, but the forecast was subsequently lowered. GDP growth in the first and second quarters of this year was 1.1% and 2.5% respectively. Since the economy began to recover in 2009, economic growth has averaged 2.5% in each quarter, well below the typical recovery growth rate. Previously, given the strong rise in consumer spending, the Department of Commerce had predicted that economic growth would be higher than the original estimate of 3.6%. The 4.5% economic growth in the third quarter was much higher than the 2.5% in the second quarter. The accelerated growth of GDP reflects the gradual accumulation of business inventories to a certain extent. For this quarter, economists believe growth will slow to a range of 2% to 2.5%, in part because they believe inventory growth is slowing. The GDP growth rate this time is unprecedented since 2011. Analysts believe GDP will rise by only 1.7% this year, down from 2.8% in 2012. Analysts consider this mainly because high taxes may inhibit people's consumption behavior and the government's overall spending cuts. The Congressional Budget Office predicts that these two factors will cause GDP to fall by 1.5% in 2013. However, due to changes in goods inventories, many analysts said the economy was starting to grow in the quarter and the unemployment rate was gradually declining. Consumer spending at retail has been rising for five months. Data shows that even as mortgage rates remain high, the housing industry is also recovering. Car sales are doing well and the stock market is at a high level. Currently, economic analysts say they will pay close attention to people's consumer spending in the fourth quarter. Strong consumer spending dominates 70% of economic growth.