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

Shipping containers are unloaded at the Port of Long Beach, in Los Angeles County
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.