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A shopper carries bags at the Polaris Fashion Place mall on Black Friday in Columbus, Ohio, US, on Friday, Nov. 24, 2023.
Washington, DC
CNN
—
US economic growth was slightly lower in the third quarter than previously reported, but still robust, underscoring the sheer strength of America’s economy during the summer.
Gross domestic product, the broadest measure of economic output, expanded at an annualized 4.9% rate from July through September, the Commerce Department reported Thursday. That’s a slower pace of growth than the 5.2% reported in the second estimate.
Growth in the third quarter was the strongest in nearly two years as Americans spent on live concerts, films, and goods. The US economy has slowed from the red-hot pace set earlier in the year, but both hiring and spending remain solid.
The department’s final estimate factored in weaker consumer spending, inventory investment and exports, while revising government outlays and…
