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US economy grew 2.8% in the third quarter, slower than expected

By: FOX Business

October 30, 2024 at 09:24 AM EDT

The U.S. economy grew at a 2.8% annual rate in the third quarter according to Commerce Department data released Wednesday. That pace is slightly slower than what economists forecasted.

The U.S. economy grew slightly slower than expected in the third quarter amid easing inflation and strong consumer spending.

The Commerce Department's Bureau of Economic Analysis released its advance estimate for third-quarter gross domestic product (GDP), which found the U.S. economy grew at an annual rate of 2.8% in the third quarter, which runs from July through September.

Economists surveyed by LSEG had expected the economy to grow at a 3% rate in the quarter.

This is a developing story. Please check back for updates.

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