The pace of U.S. economic growth slowed slightly to 1.9% in the third quarter as business investment declined, though consumer spending kept growth on track
Gross domestic product-the value of all goods and services produced in the U.S.-rose at an annual rate of 1.9% from July through September-- adjusted for inflation and seasonality, the Commerce Department said Wednesday. That marked a slight slowdown from the second quarter, when the economy grew at a 2.0% annual rate.The stronger-than-expected growth rate was boosted by government and consumer spending, residential investment and exports.
The central bank cut interest rates twice in the third quarter. Officials are expected to again cut the benchmark federal-funds rate by a quarter percentage point, to a range between 1.50% and 1.75%, aiming to shield the economy against growing risks of a sharper economic slowdown. The slower pace of consumer spending in the third quarter came despite a solid financial foundation for many U.S. households. The unemployment rate was at half-century lows from July to September, and wages and incomes rose. Consumer sentiment has remained strong in recent months and rose slightly in October, according to the University of Michigan’s Surveys of Consumers.
D’Anne McCumber, general manager at equipment maker Oilfield Improvements, Inc. in Broken Arrow, Okla., said “things have slowed down just a little bit, but not severely,” compared with the first and second quarters of this year. Trade was broadly neutral in the third quarter, as net exports subtracted a mild 0.08 percentage points from the quarter’s 1.9% GDP growth rate.
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