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U.S. Economy Grew at 3.5 Percent Rate in Third Quarter - ABI

The Commerce Department today released its initial estimate of third-quarter economic growth showing that the U.S. gross domestic product rose at an annualized rate of 3.5 percent in the third quarter, the New York Times reported. The third-quarter growth rate was down slightly compared to the 4.2 percent rate in the second quarter. Analysts had expected the economy to slow somewhat after the second quarter’s blockbuster data, and the economy remains on track to grow by 3 percent or more this year — the first time it has hit that mark since 2005. The Commerce Department also reported that consumer spending increased by 4 percent, a category that accounts for roughly 70 percent of economic output, and was strong this quarter and last.

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