US economy grew 2.8% in the third quarter, slower than expected

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The U.S. economy grew slightly slower than expected in the third-quarter amid easing inflation and strong consumer spending.

The Commerce Department's Bureau of Economic Analysis released its advance estimate for third-quarter gross domestic product (GDP), which found the U.S. economy grew at an annual rate of 2.8% in the third-quarter, which runs from July through September.

Economists surveyed by LSEG had expected the economy to grow at a 3% rate in the quarter. The report also finalized second-quarter growth at 3%.

Consumer spending, which accounts for about two-thirds of GDP, was up 3.7% in the third-quarter and accelerated from 2.8% in the second-quarter. 

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The U.S. economy grew at an annual rate of 2.8% in the third-quarter, according to the Commerce Department's advance estimate. (Photo by Joe Raedle/Getty Images / Getty Images)

Business investment rose by 0.3% in the third-quarter as private inventory investment slowed and residential fixed investment decreased more significantly.

The report showed that current-dollar personal income increased by $221.3 billion in the third-quarter, a smaller rise than the $315.7 billion in the second-quarter – with the increase primarily reflecting a rise in compensation. Disposable personal income rose by $166 billion, or 3.1%, in the third-quarter after it rose by $260.4 billion, or 5%, in the prior quarter.

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Consumer spending was a main driver of growth in the third-quarter. (Robert Nickelsberg/Getty