US GDP Grows at Solid 2.8% Pace, Helped by Consumer Spending
- 3Q growth unrevised from prior estimate in sign of resilience
- Business investment revised up, consumer outlays a touch lower
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The US economy expanded at a solid pace in the third quarter, largely powered by a broad-based advance in consumer spending and steady business investment.
Gross domestic product increased at a 2.8% annualized pace in the third quarter, the second estimate of the figures from the Bureau of Economic Analysis showed Wednesday. The economy’s primary growth engine — consumer spending — advanced 3.5%, the most this year.