The US economy grew at a blistering annualised rate of 4.8 per cent in the first quarter, its fastest in more than two years, as it bounced back from its post-hurricane weakness with a renewed surge of consumer spending.

The US Bureau of Economic Analysis said personal spending increased 5.5 per cent in the first quarter, compared with an increase of 0.9 per cent in the fourth. Spending on durables powered ahead at an annualised rate of 20.6 per cent, after a sharp slowdown at the end of last year.