The U.S. economy grew faster than initially thought in 2023 amid upgrades to business investment and consumer spending despite hefty interest rate increases from the Federal Reserve, revised government data showed on Thursday.

The US economy bounced back from the pandemic in stronger shape than previously estimated, spurred mainly by bigger consumer-driven growth fueled by robust incomes, according to revised government data.

The Trump campaign may wish it was still running in 2022 and 2023, when the economic numbers were grimmer for Democrats. But that’s no excuse for pretending the situation has not improved significantly in the past year.

U.S. economic growth accelerated in the second quarter amid strength in consumer spending, the government confirmed on Thursday.

The U.S. economy grew at a 3% rate in the second quarter, in line with economists' expectations, according to the latest data from the Bureau of Economic Analysis.