US economy grows at modest 1.9 percent rate in third quarter
FILE - In this July 22, 2019, the container ship Kota Ekspres is unloaded at the Port of Oakland in Oakland, Calif. On Wednesday, Oct. 30, the Commerce Department issues the first estimate of how the U.S. economy performed in the July-September quarter. (AP Photo/Ben Margot, File)

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The U.S. economy slowed to a modest growth rate in the summer.

The U.S. economy slowed to a modest growth rate of 1.9 percent in the summer as consumer spending downshifted and businesses continued to trim their investments in response to trade war uncertainty and a weakening global economy.

The Commerce Department reported Wednesday that the July-September performance for the gross domestic product, the economy’s total output of goods and services, was just below the 2 percent rate of growth in the second quarter .

Economists had been forecasting a much bigger slowdown with fears GDP could slump to 1.4 percent or less given a number of headwinds.

Associated Press



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