The US economy grew at an annualized rate of almost 5% last quarter, despite the Federal Reserve's aggressive rate hikes.

Households are in relatively good shape financially, with close to $3 trillion more in cash than they had three years ago.

Workers are becoming more productive, which is helping to grow the economy.

The Fed may not have done enough to take the heat off the economy, and there is a growing risk that inflation will accelerate even more.

Thursday's GDP figure is an initial estimate that is subject to two subsequent revisions

Revisions can significantly alter the story the GDP report tells about the state of the economy.

Inventory accumulation picked up so much last quarter that it contributed 1.3 percentage points, or 27%, to GDP growth.

Some economists believe that this is a sign that firms are stocking up to avoid future price increases, which could lead to a short but unsustainable burst in economic growth.