economic growth settled in at a lower gear in the third quarter, with consumer spending and housing investment increases offsetting a business investment drop. The stronger-than-expected growth rate was boosted by government and consumer spending, residential investment and exports. Consumer spending moderated to a 2.9% annual rate in the third quarter, from a 4.6% rate in the second. The slower pace of consumer spending in the third quarter came despite a solid financial foundation for many U.S. households. Trade was broadly neutral in the third quarter, as net exports subtracted a mild 0.08 percentage point from the quarter’s 1.9% GDP growth rate.

Source: Wall Street Journal October 30, 2019 12:34 UTC