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U.S. Economy Slows

U.S. Economy Slows

GDP increased at an annual rate of 1.5 percent in the thee months that ended Sept. 31.

The U.S. economy suffered a major slowdown in the third quarter with GDP growing at less than half the rate it did in the previous quarter.

GDP increased at an annual rate of 1.5 percent in the thee months that ended Sept. 31, down from a 3.9 percent growth rate in the second quarter, the U.S. Bureau of Economic analysis said. While consumers spent more in the quarter, exports and state and local government spending fell, and imports rose. Companies also didn’t restock their inventories at the pace they did in the April-June period. The nation’s GDP was $18 trillion in the third quarter.

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Dennis Domrzalski is managing editor of ABQ Free Press. Reach him at dennis@freeabq.com.