U.S. Economic Growth Slows in the Third Quarter

October 30, 2019

Economic growth for the third quarter beat expectations, but still slowed. Gross domestic product for the period from July through September rose at an annual rate of 1.9 percent. This is better than the 1.6 percent that economists had predicted, but still marks a slowdown. As compared to the third quarter of last year, GDP grew 2 percent, the slowest growth since 2016.

The economic growth as driven by strong government and consumer spending and stronger-than-expected exports, which offset a decline in business investment. This marks the second consecutive quarter that has seen a decline in business investment, signaling the apprehension that businesses have in the prospects of the economy.

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