WASHINGTON (AP) — The economy grew at a 2.8% pace last quarter, as the recovery got off to a slower start than first thought.
The government’s new reading on gross domestic product was not as energetic as the 3.5 percent growth rate for the July-September period estimated just a month ago.
The main factors behind the downgrade: consumers didn’t spend as much, commercial construction was weaker and the nation’s trade deficit was more of a drag on growth. Businesses also trimmed more of their stockpiles, another restraining factor.
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The new reading was slightly weaker than the 2.9 percent growth rate economists expected.
