The U.S. economy grew at a faster pace in the third quarter than previously reported, underscoring its resilience even in the face of still-high inflation and steep interest rates.

Gross domestic product, the broadest measure of goods and services produced across the economy, grew by 5.2% on an annualized basis in the three-month period from July through September, the Commerce Department said in its second reading of the data Wednesday. That compares with the previously reported 4.9% increase. 

It marks the fastest pace of growth in nearly two years.

The change largely stemmed from upward revisions to both government and business spending. However, the report also included a downward revision to consumer spending, which was lowered to a 3.6% rate.

"The latest report was a mixed bag. Consumer spending was revised down to 3.6% annualized from 4.0% but government spending was revised up," said Jeffrey Roach, chief economist at LPL Financial. "Consumer data often get revised downward as the economy downshifts and this is what we are seeing with recent reports."

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