US economic growth slowed in the third quarter

111972

The growth rate of the US economy in the third quarter slowed to 3.5% from 4.2% in the second quarter, according to the final data of the country's Ministry of Commerce. According to experts, a rise of 3.6% was expected. Economic growth in the third quarter was driven by US tax reform, which boosted consumer spending and business investment. Growth in consumer spending was 3.6%, while its preliminary estimate was at 4%. The growth of the PCE Core index was also revised for the worse - from 1.6% to 1.5%. American companies in the past quarter increased the adjusted pre-tax profit by 3.4% compared to the previous quarter and by 10.3% in annual terms. The growth in capital investment of companies - by 2.5%- and investment in equipment - by 3.5% - were better than a preliminary estimate.

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