The U.S. economy likely slowed further in the third quarter, held back by a mode...
WASHINGTON - The U.S. economy likely slowed further in the third quarter, held back by a moderation in consumer spending and declining business investment, which could spur the Federal Reserve to cut interest rates again to keep the expansion on course.
The GDP report will be published hours before Fed officials wrap-up a two-day policy meeting. The U.S. central bank is expected to cut interest rates for the third time on Wednesday. The Fed cut rates in September after reducing borrowing costs in July for the first time since 2008. The anticipated third-quarter growth pace would mark a further deceleration from the 3.1% rate logged in the first quarter, indicating the economy will again miss the White House’s ambitious goal of 3.0% annual growth. Growth peaked in the second quarter of 2018, when it was jolted by the tax cuts and increased defense spending.
The GDP report is also expected to show inflation quickening last quarter, though the overall trend likely remained moderate.Growth in consumer spending, which accounts for more than two-thirds of U.S. economic activity, is expected to have decelerated after surging at a 4.6% pace in the second quarter, the fastest since the fourth quarter of 2017.
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