U.S. GDP growth revised down to 3.4% in third quarter

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.