The U.S. economy roared ahead in the third quarter, growing at an unexpectedly robust annual rate of 7.2%. That’s the strongest growth since early 1984.

The U.S. Commerce Department said consumer spending grew by 6.6% as tax cuts encouraged people to open their wallets. The increase in consumer spending was the biggest since early 1988.

Businesses increased their spending by 11.1% in the quarter. The jump was the second straight increase in business investment and the largest since 2000.

Wall Street economists had been projecting growth for the quarter would come in around an annual rate of 6%.

“The U.S. slowdown is over, dead gone, defunct, finished, and unlikely to return soon,” BMO Nesbitt Burns chief economist Sherry Cooper wrote in a morning commentary.”

TD Economics said that although the impressive Q3 results invite predictions that the strength cannot be sustained, “Consumers still have another round of tax relief to come, when refunds filter in early next year, and with business inventories at historically low levels, firms will have to boost production in the months ahead to satisfy even modest growth in demand.”

TD expects GDP growth to stay near 4% over the next few quarters.