The US economy is growing well.

US Treasury Secretary Janet Yellen said that third-quarter 2023 growth data showed that the US economy was also evidence that inflation had eased without causing a recession.

“It's a good, strong number and it shows an economy that's doing very well...” - the official assessed.

“We appear to be having a soft landing and delivering very good results for the US economy,” Ms. Yellen added.

Yellen's comments came hours after data showed the U.S. economy grew at an annualized rate of 4.9% in the third quarter of 2023, the fastest pace in nearly two years, driven by strong consumer spending and a resilient labor market.

The U.S. unemployment rate has been below 4 percent for 20 straight months. Labor force participation has risen, despite the Federal Reserve's most aggressive interest rate hikes in four decades.

In another positive sign, data on Thursday showed a measure of core US inflation cooled to its lowest level since 2020.