Breaking: The US Economy Just Got a Major Boost - Here's What It Means for Your Wallet

The US economy grew at a solid 2.8% clip in the third quarter, according to the latest numbers from the government. This unrevised figure confirms the initial reading and suggests that consumer spending continues to drive growth.

In a sign of continued economic strength, the gross domestic product (GDP) growth rate was unchanged from the initial estimate of 2.8%, as released by the Bureau of Economic Analysis (BEA) on Wednesday. This growth is a welcome relief after a sluggish earlier part of the year and was largely fueled by strong consumer spending, particularly on big-ticket items like cars and appliances.

Consumer spending, which accounts for around two-thirds of US economic activity, grew by 1.8% over the period - down just 0.1 percentage point from the earlier reading and consistent with the upbeat tone of consumer confidence surveys. The growth was evident in purchases of both durable and nondurable goods, indicating that consumers are still optimistic about their future earnings prospects.

This could have a significant impact on households. With the Fed repeatedly emphasizing its focus on inflation in recent meetings, growth in consumer spending may lead to further tightening in monetary policy. Higher interest rates could increase borrowing costs for consumers looking to purchase homes or cars, although they also make bonds more attractive.

Still, for now, the data suggests that overall economic momentum remains strong. Economic growth has faced headwinds in recent years, particularly with ongoing global trade tensions and rising concerns about inflation. As such, the robust performance in the third quarter, relatively strong earnings reports from corporate America, and somewhat steady job market provide reassurance about a resilient US economy.