US economy grew at 3.4% rate in the third quarter

The U.S. economy expanded at a solid 3.4 percent annual rate in the third quarter, slightly slower than the previous estimate as consumer spending and exports were revised lower. The economy is expected to slow further in the current quarter.

The Commerce Department says growth in the gross domestic product, the economy's total output of goods and services, was revised down from an earlier estimate of 3.5 percent. The still-strong performance followed a sizzling 4.2 percent advance in the second quarter and a moderate 2.2 percent increase in the first quarter.

Economists believe that economic growth is slowing in the fourth quarter to around 2.5 percent. But the overall GDP performance for the year will still be the best since 2005.

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