Econ­omy grows at 3.4% rate in third quar­ter

The Tribune (SLO) - - Insight -

The U.S. econ­omy ex­panded at a solid 3.4 per­cent an­nual rate in the third quar­ter, slightly slower than the pre­vi­ous es­ti­mate as con­sumer spend­ing and ex­ports were re­vised lower. The econ­omy is ex­pected to slow fur­ther in the cur­rent quar­ter.

The Com­merce Depart­ment said Fri­day that growth in the gross do­mes­tic prod­uct, the econ­omy’s to­tal out­put of goods and ser­vices, was re­vised down from an ear­lier es­ti­mate of 3.5 per­cent. The per­for­mance fol­lowed a siz­zling 4.2 per­cent ad­vance in the sec­ond quar­ter and a mod­er­ate 2.2 per­cent in­crease in the first quar­ter.

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