U.S. Economy Grows at Fastest Pace in 2 Years Despite Recession Fears, Buoyed by Strong Consumer Spending

The U.S. economy grew at the fastest pace in nearly 2 years from July to September, defying expectations of a recession.

Strong consumer spending has powered economic growth, aided by a tight job market where unemployment remains below 4%.

Inflation has fallen from its peak but remains elevated at 3.4% annually in September, higher than the Fed's 2% target.

Despite solid GDP growth and low unemployment, 47% of Americans still rate the economy as "poor" due to high inflation grating on people.

Economic growth is expected to cool as higher interest rates take a toll, but the strength of consumer spending makes a soft landing more likely than a recession.