The Commerce Department on Wednesday released its latest read on the economy in the third quarter, and it contained an upward revision. CNBC reports:
The U.S. economy grew at a moderate 2.1% rate over the summer, slightly faster than first estimated. But many economists say they think growth is slowing sharply in the current quarter.
The Commerce Department says the July-September growth rate in the gross domestic product, the economy’s total output of goods and services slightly exceeded its initial estimate of a 1.9% rate.
The economy had begun the year with a sizzling 3.1% GDP rate. Many economists have estimated that GDP growth is weakening in the current quarter to as slow as a sub-1% annual rate, largely because the U.S.-China trade war has led businesses to cut investment and inventories.
Still, the holiday shopping season is expected to be relatively healthy given solid job growth and consumer spending.
