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U.S. Economic Growth Slows to 1.5%
Real gross domestic product in the U.S. grew by 1.5% in the third quarter compared with 3.9% in the second quarter, the Dept. of Commerce estimates.
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Real gross domestic product in the U.S. grew by 1.5% in the third quarter compared with 3.9% in the second quarter, the Dept. of Commerce estimates.
The department’s Bureau of Economic Analysis say the slower growth was caused by declining exports and private inventory investment, which offset higher fixed investments and gains in consumer and government spending.
GDP in terms of current dollars rose 2.7% to $18 trillion compared with a 6.1% increase to $17.6 trillion in the third quarter. Real disposable personal income gained 4% from 1% in the previous three-month period.
The Commerce Dept. expects to issue an updated third-quarter estimate on Nov. 24.
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