U.S. economic growth was weaker in the third quarter than originally reported, according to government data released Tuesday.
The gross domestic product, the broadest measure of the nation's economic activity, rose at an annual rate of 2.8% in the three months ending in September, according to the Commerce Department's first revision in the reading. The initial reading of the report a month ago came in with a 3.5% growth rate.
The new reading was in line with forecasts of economists surveyed by Briefing.com. They had expected the other readings since the original estimate, including a larger trade gap and a drop in the inventory of products on hand at businesses, to trim the growth estimate.
Still, despite being weaker than the original estimate, the quarter snapped a streak of four straight quarters of severe economic decline that saw the U.S. economy slow more than at any time since the Great Depression.
Related Stories
