• Economists boost 3Q growth projections on stronger consumer
• Bloomberg survey respondents see higher rates for longer

Economists raised their US growth projections through early 2024 and trimmed recession odds to a one-year low as consumers continue to spend.

The economy probably expanded at an annualized 3.5% rate in the third quarter, the fastest in nearly two years, as forecasters marked up their household spending forecasts. And while growth is seen slowing in the following two quarters, economists in the latest Bloomberg monthly survey still marked up their estimates for gross domestic product.