The US Economy is Slowing
New York (CNN Business)The US economy grew at an annualized rate of 1.9% in the third quarter, the Commerce Department announced Wednesday.
This is the preliminary reading of US gross domestic product, the broadest measure of the American economy. The Commerce Department will update its estimate twice more.
Although the economy’s growth is slowing, it remains relatively strong. However, the third quarter marks the first time since the final quarter of 2018 in which the US economy has grown at a rate slower than 2%.
The economy was helped by growing consumer and government spending, but the pace of growth decelerated. Americans spent less on cars, continuing a trend that has been ongoing for a year.
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