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US economy grows 3% in third quarter on inventories, trade

After increase in inventory investment and smaller trade deficit offset a hurricane-related slowdown in consumer spending

Reuters  |  Washington 

The US economy unexpectedly maintained a brisk pace of growth in the third quarter as an increase in inventory investment and a smaller trade deficit offset a hurricane-related slowdown in consumer spending and a decline in construction. Gross domestic product increased at a 3 per cent annual rate in the July-September period after expanding at a 3.1 per cent pace in the second quarter, the Commerce Department said on Friday. The department said while it was impossible to estimate the overall impact of hurricanes Harvey and Irma on third-quarter GDP, preliminary estimates showed ...

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First Published: Fri, October 27 2017. 19:53 IST
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