The Globe and Mail reports in its Friday edition that the U.S. economy grew faster than expected in the third quarter, again defying dire warnings of a recession, buoyed by robust consumer spending amid a resilient labour market. A Reuters dispatch to The Globe reports that the fastest growth pace in nearly two years reported by the Commerce Department's Bureau of Economic Analysis on Thursday in its advance estimate of third quarter gross domestic product was also spurred by a rebound in residential investment after nine straight quarterly declines. Businesses ramped up the restocking of warehouses and shelves to meet the strong demand. Business investment, however, softened as outlays on equipment declined and the boost from the construction of factories faded. President Joe Biden's administration has taken steps to encourage more semiconductor manufacturing in the United States. While the robust growth pace notched last quarter is likely not sustainable, it showcased the economy's stamina despite aggressive interest-rate hikes from the Federal Reserve. Still, growth could slow in the fourth quarter because of the United Auto Workers strikes and the resumption of student loan repayments by millions of Americans.