Gross domestic product increased at a 5.7% annual rate in the advance fourth-quarter report, surpassing economists’ estimates and posting the largest quarterly increase in almost six years as businesses began restocking their inventories and exports jumped, the Commerce Department reported Friday.

Consumer spending rose at a 2.0% annual rate in the fourth quarter, following a 2.8% increase in the third quarter. The increases represented the first back-to-back quarterly consumer spending increase in two years.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.