U.S. economy is ‘firing on all cylinders’. Here’s why

Consumer spending, which accounts for more than two-thirds of economic activity, grew at a 3.7% pace.

The U.S. economy grew solidly in the third quarter, with consumer spending increasing at its fastest pace in 1-1/2 years and inflation slowing sharply, continuing to defy forecasts of a recession and outperforming its global peers ahead of the Nov. 5 presidential election.