The U.S. economy may be doing more than weathering recent shocks. A fresh batch of economic data points to broad-based strength. Gross domestic product expanded at a 3.4 percent annualized rate in the third quarter, topping economists’ expectations and marking a pickup from the previous quarter’s 2.2 percent pace.

The inflation metric targeted by the Federal Reserve sped up in September, showing why elevated price increases hang over the central bank’s next moves.