Federal spending also played an important role, reflecting the strong increase in defense spending, as well as unemployment benefits for federal employees.

#USGDPUpdate
The U.S. economy expanded at its fastest pace in two years, as wealthier Americans continued to spend.

An initial reading of the third quarter gross domestic product (GDP) showed that the U.S. economy expanded at an inflation-adjusted annualized rate of 4.3%.

A much faster pace than the 3.8% recorded in the second quarter, according to data from the Commerce Department released on Tuesday. This is the fastest growth rate in two years.

An acceleration in consumer spending, which rose 3.5% from 2.5% in the second quarter, and exports, which increased 8.8% from -1.8% in the second quarter, were the main contributors to the third quarter GDP reading.

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