U.S. economy surges to strongest GDP growth in 2 years

The U.S. economy surged in the third quarter, with gross domestic product growing at an annualized rate of 2.9 percent, the Commerce Department reported Friday. The growth in this latest quarter was the best since the third quarter of 2014, when GDP grew by 5 percent.

By comparison, GDP growth in the previous three quarters was 1.4 percent, 0.6 percent, and 0.9 percent.

The expected growth for July through September had been about 2.5 percent, according to economists who spoke with The Wall Street Journal; it also exceeded Bloomberg's predictions of 2.6 percent.

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The boost in the third quarter "largely reflected increased exports and a buildup of inventories, while consumer spending increased at a slower rate," The Wall Street Journal reports.