Third quarter GDP revised down to 3.4%


The U.S. economy grew at a robust pace of 3.4% in the third quarter, but was revised down 0.1% from earlier estimates as a government shutdown, rising interest rates and a bearish stock market slide has led some economists to trim fourth quarter and year-end 2018 forecasts.

According to the “third” estimate released by the Bureau of Economic Analysis (BEA), real U.S. gross domestic product (GDP) in the third quarter was one-tenth of a percentage point below the earlier 3.5% growth in first and second in October and November, respectively. The nation’s chief economic research group, which is housed in the U.S. Department of Commerce, revises GDP data two times after the first release as more data become available.

Despite the slightly lower final reading, third quarter annual GDP — the value of goods and services produced by the nation’s economy less the value of the goods and services used up in production — has kept the U.S. economy on pace to close out the year at or above the Trump administration’s 3% target for annual GDP growth.

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