The U.S. economy grew at an annualized rate of 4.3% in the third quarter, exceeding expectations of 3.2%, according to a delayed Commerce Department report.

Strong consumer spending, which rose 3.5%, along with increased exports and government spending, drove the growth, while private fixed investment dipped only slightly.

Inflation remained elevated, with the Fed’s preferred personal consumption expenditures index up 2.8% and core PCE at 2.9%, both above prior readings.

Corporate profits surged $166.1 billion, a sharp increase from the $6.8 billion gain in the second quarter, CNBC has reported.

Despite the robust data, markets reacted modestly, viewing the report as largely backward-looking.