US economy grew 2.8% in the third quarter, slower than expected
By Eric Revell | Fox Business
The U.S. economy grew slightly slower than expected in the third-quarter amid easing inflation and strong consumer spending.
The Commerce Department's Bureau of Economic Analysis released its advance estimate for third-quarter gross domestic product (GDP), which found the U.S. economy grew at an annual rate of 2.8% in the third-quarter, which runs from July through September.
Economists surveyed by LSEG had expected the economy to grow at a 3% rate in the quarter. The report also finalized second-quarter growth at 3%.
Consumer spending, which accounts for about two-thirds of GDP, was up 3.7% in the third-quarter and accelerated from 2.8% in the second-quarter.
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