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Third-quarter GDP grew at an annualized rate of 4.9%, surpassing expectations of 4.7%.

Those numbers mark the fifth straight month of growth and represent the largest gain in nearly two years. Consumer spending, which makes up about two-thirds of the GDP r,ose 4% for the quarter despite high inflation and rising interest rates.

In fact, consumer spending contributed 2.7% to the total increase. However, according to Financial Issues Host Shana Burt, all that spending is having a negative impact on savings.

Economists say the spending is being fueled by wage growth and excess savings from COVID-19, but added that the resumption of student loan payments could change things in the future.