The report highlighted a strong increase in consumer spending, which rose by 2.1% in the third quarter, and a significant jump in exports, which grew by 3.5%. These gains helped to drive the overall growth rate, which was much stronger than forecast by many economists. "This is an economy that has defied doom and gloom expectations basically since the beginning of 2022," said Aditya Bhave, senior economist at Bank of America. Speaking to the BBC's Business Today programme, Mr Bhave described the economy as "very very resilient." He added, "I don't see why that wouldn't continue going forward."

The US economy has faced significant challenges in recent months, including dramatic changes to trade and immigration policies, persistent inflation, and cuts to government spending. Despite these headwinds, the economy has maintained solid momentum, outperforming many forecasts. The report noted that imports fell by 4.6% in the third quarter, which helped to boost the trade deficit. However, the overall impact of these changes on the economy remains a subject of debate among economists.

The strong growth rate in the third quarter is expected to have a positive impact on the labor market, with many economists predicting a further decline in unemployment rates. The report also highlighted a significant increase in business investment, which rose by 8.5% in the third quarter. This gain was driven by a surge in spending on equipment and software, which rose by 12.5%. The report noted that this increase in business investment was the largest in over a year.

The US economy's strong performance in the third quarter has had a positive impact on financial markets. The Dow Jones Industrial Average rose by 1.2% in the week following the release of the report, while the S&P 500 index gained 1.5%. The strong growth rate has also led to a decline in bond yields, with the 10-year Treasury yield falling by 10 basis points in the week following the report.

The report's release has also sparked a debate among economists about the sustainability of the economy's strong growth rate. Some economists have expressed concerns that the economy may be due for a slowdown, given the ongoing challenges facing the country. However, others, like Mr. Bhave, remain optimistic about the economy's prospects. "I don't see why that wouldn't continue going forward," he said. The US economy's next major test will come in the fourth quarter, when the government releases its latest GDP growth figures.