Per the latest economic data, strong consumer spending pushed the US economy up 4.4% in the third quarter, the fastest pace in two years. The growth is also a small uptick from the US government’s first estimate of the result. America’s gross domestic product rose at a 4.4% annual pace in the third quarter, the Commerce Department reported Thursday. This is up from 3.8% in the April-June quarter, and from the 4.3% growth the department initially estimated.

Per the report, consumer spending, which accounts for 70% of U.S. GDP, grew at a healthy 3.5% pace. Spending on services such as healthcare rose 3.6% versus a 3% uptick on goods spending, including an increase of just 1.6% on so-called durable goods such as cars that are meant to last at least three years. A surge in exports and a drop in imports also contributed to robust third-quarter growth.

Major indexes, including the S&P 500 and the Nasdaq 100 composite, jumped higher after the economic report was published. Meanwhile, most tech stocks like TSLA and Nvidia are also slightly up. Business investment (excluding homebuilding) rose at a 3.2% clip, partly reflecting bets on artificial intelligence.

Also Read: Alphabet (GOOGL) Stock Forecast Raised on AI, Cloud Success

On the other hand, the job market also looks a lot weaker than the overall economy. Employers have added a lackluster 28,000 jobs a month since March. The worries of AI development taking jobs have caused serious concern. “The United States is experiencing a jobless boom where strong growth is powered by AI investments and consumption by wealthier families, but there is almost no hiring,” said Heather Long, chief economist at Navy Federal Credit Union. “It’s an uneasy situation for many middle-class families. One of the big questions for 2026 is whether the middle class will start to feel the uplift from the boom.”