US third quarter GDP grew at the fastest rate since 2021, clocking in at 4.9% annualised, led by rampant consumer and government spending. Household spending grew 4% with expenditure on durable goods (those lasting more than three years) looking particularly strong at 7.6%. Services were softer at 3.6%, but there is still broad strength here with Taylor Swift, Beyonce and Barbie all playing their part, selling out venues, boosting hotel occupancy and restaurant and bar spending wherever they went. Residential investment was also robust, rising 3.9% after a long run of declines. The lack of supply of existing homes ... (full story)