New York (CNN Business) The US economy grew faster than initially expected in the third quarter, revised GDP estimates from the Bureau of Labor Statistics showed Wednesday. The economy expanded by 2.1% between July and September, more than the initial reading of 1.9% , and more than the 2% growth rate in the second quarter. The last time it grew at a pace of less than 2% in the final quarter of 2018. Even though America's economy is more reliant on consumer spending than on industrials, analysts have grown concerned that the manufacturing weakness could spill over into other sectors, and eventually weigh on spending. So far, this has not been the case, even though consumer confidence data in the third quarter showed that Americans have become more concerned about the trade warThe Federal Reserve cut interest rates for the first time since the financial crisis this year, lowering rates three times so far , to ensure the expansion will keep going.

Source: CNN November 27, 2019 13:49 UTC