GDP Grew at 2.2% Annual Rate in Third Quarter
he U.S. economy grew at a 2.2% annual rate in the third quarter, the Commerce Department said Wednesday.
The gross domestic product growth for the quarter was greater than the 1.6% rate initially reported in October, though it was still the lowest quarterly growth rate for the year. GDP is the value of all the goods and services produced in the country.
Consumer spending, which accounts for about two-thirds of the GDP, expanded at a 2.9% annual rate in the quarter, compared with initial estimates of a 3.1% pace, Commerce said. Consumer spending rose 2.6% in the second quarter.
Continuing troubles in the automotive sector also retarded growth, Bloomberg reported.
A narrower-than-expected trade gap, which had clipped 0.21 percentage points from October’s initial GDP estimate, contributed to the revised figures released Wednesday, Bloomberg reported.
