Thanks to the surge in consumer spending, the US economy achieved a new two-year high in growth in the previous quarter. According to preliminary data released by the government on Thursday, the annualized growth rate of US GDP has accelerated to 4.9%, more than double the previous quarter. The main growth engine of the economy, namely personal consumption expenditure, increased by 4%, which is also the highest level since 2021. At the same time, the core inflation indicator has slowed to its lowest level since 2020. Amidst high prices and rapidly rising borrowing costs, the US economy has maintained stable growth, repeatedly exceeding forecasters' expectations and easing concerns about recession. The main driving factor for this resilience is the continued strength of the job market, which continues to drive the growth of household demand.