PressTV-US third-quarter economic growth revised down

The US economy slowed in the third quarter more than previously estimated, and momentum appears to have moderated further early in the fourth quarter.

Gross domestic product increased at a 3.4 percent annualized rate, the US Commerce Department said in its third reading of third-quarter GDP growth. That was slightly down from the 3.5 percent pace estimated in October.

The US economy grew at a 4.2 percent pace in the second quarter, which spans from April to June.

Economists believe that economic growth is slowing in the fourth quarter to around 2.5 percent. Some analysts believe that by 2020, GDP growth may be barely above 1 percent or could slip into a recession that year.

The slowing economy is partly the result of a widening trade deficit, sluggish business spending on equipment and a weak housing market.

Consumer spending, which accounts for more than two-thirds of US economic activity, also fell slightly, increasing at a 3.5 percent…

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