Shipping containers at the Port of Long Beach, in Los Angeles County. (Photo by Mark Ralston/AFP via Getty Images)
The U.S. economy grew at an annual rate of 3.4% in the third quarter, a slightly slower pace than the initial reading of 3.5%, thanks to downward revisions in exports and consumer spending, the Commerce Department said on Friday.
The big picture: Even with this lower revision and slower growth expected in the current quarter, the full-year economic growth is still estimated to hit 3% — the fastest rate since 2005.