US Economic Growth Slows Slightly in Third Quarter but Still Robust; Fourth Quarter Expected to Cool Further
- U.S. Q3 GDP growth revised down slightly to 4.9% from 5.2% previously
- Consumer spending made up about 70% of GDP but was lower than originally thought at 3.1% growth
- Business investment expanded at 2.6% pace, slightly faster than first reported
- Inflation rates for Q3 trimmed; overall rate 2.6%, core rate 2%
- Economy expected to slow in Q4 with GDP growth forecast at mild 1-2% pace