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U.S. economic growth slowed much less than expected in the third quarter, according to a report released by the Commerce Department on Wednesday.
The Commerce Department said real gross domestic product increased by 1.9 percent the third quarter after climbing by 2.0 percent in the second quarter. Economists had expected GDP growth to slow to 1.7 percent.
The stronger than expected GDP growth reflected positive contributions from consumer spending, government spending, residential fixed investment, and exports.
However, negative contributions from non-residential fixed investment and private inventory investment limited the upside along with an increase in imports, which are a subtraction in the calculation of GDP.
