GDP Growth Fell To 3.5 Percent in Q3
Despite the decline, it remained higher than predicted
The U.S. economy grew at a 3.5 percent annual rate in the third quarter, the Commerce Department said Friday, easing from the second quarter's blistering 4.2 percent pace. Wall Street economists had expected 3.3 percent GDP growth.
After the report, the Dow Jones industrial average, S&P 500 index and Nasdaq composite modestly pared sharp pre-open losses on the stock market today, coming on the heels of disappointing fourth-quarter guidance from Amazon and others late Thursday. Meanwhile, the 10-year Treasury yield slipped to 3.09 percent, firming slightly on the GDP data.
The deceleration comes as rising interest rates are beginning to have an impact on the housing market and demand for big purchases like autos. The economy also is getting a more moderate boost from the Trump tax cuts that took effect in January.
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