Economy grows at 3.4% rate in third quarter
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.