The US economy expanded in the third quarter by slightly more than initially reported, supported by stronger exports and smaller drag from inventories.

Inflation-adjusted gross domestic product, which measures the value of goods and services produced in the US, increased at a revised 4.4% annualized rate, the fastest in two years, according to Bureau of Economic Analysis data out Thursday.

The report showed one of the strongest back-to-back quarters for growth since 2021, when the economy was still recovering from the pandemic. Companies dialed back the tempo of goods imports after an early-year rush to beat President Donald Trump’s sweeping tariffs. Consumer and business spending have also held up well despite erratic trade policies.

Against a backdrop of robust growth, along with a steadier job market and inflation that remains above the Federal Reserve’s target, policymakers are expected to leave interest rates steady at next week’s meeting.

Separate data out Thursday showed initial applications for US unemployment benefits remained low.

The GDP report showed the central bank’s preferred inflation metric — the personal consumption expenditures price index, excluding food and energy — rose an unrevised 2.9% in the third quarter. BEA is releasing October and November price data, along with personal spending and income figures, later this morning.

Consumer spending — the main growth engine of the economy — advanced at a 3.5% annualized pace last quarter. That reflected the fastest pace of outlays for services in three years, while spending on goods also accelerated from the previous quarter.