As increases in exports, consumer spending and business investment made up for declining home construction, U.S. economic growth accelerated unexpectedly in the third quarter, Bloomberg reported.

Gross domestic product grew at an annual rate of 3.9 percent in the quarter, the fastest since the first three months of 2006, compared with a 3.8 percent pace in the prior quarter, the Commerce Department said today. The Federal Reserve’s preferred price gauge rose more than forecast.

The report comes as Federal Reserve policy-makers meet to set interest rates, with most economists expecting officials to lower the benchmark rate for a second month. The figures may give the central bank reason to signal it isn’t inclined to make further rate cuts, analysts said.

In a Bloomberg News survey of 82 economists, the median growth-rate forecast was 3.1 percent. The dollar strengthened against the euro and yen minutes after the release of the GDP report, then later trimmed its gain. Treasury notes declined.