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Expand chart
Data: Bureau of Economic Analysis; Chart: Axios Visuals

The U.S. economy grew at a 1.9% annualized pace in the third quarter, the Commerce Department said on Wednesday — higher than the 1.6% economists expected.

Why it matters: The economy is still growing at a moderate clip, though the number marks a significant slowdown in growth from just the beginning of this year — when GDP jumped 3.1% — as the boost from President Trump's tax cuts fades and the U.S.-China trade war weighs on growth.

Between the lines: The U.S. consumer has been the saving grace of the U.S. economy in recent quarters as cautious businesses hold off on spending.

  • The report shows this trend is continuing, though the strength of the U.S. shopper faltered. Consumer spending grew at 2.9% annual rate in Q3, a slowdown from the 4.6% rate in Q2.
  • Meanwhile, business spending weighed on growth, as investments in things like buildings, equipment and software fell 3%.

The bottom line: Q3's GDP report shows a slowing but still healthy economy — bucking fears of an imminent recession for now.

  • Still, it’s the second-worst GDP read of the Trump presidency, and growth has tapered sequentially this year.
  • A further slowdown would mean one less economic indicator the president can lean on as the 2020 election gets underway.

Go deeper: Trump's economic shield against impeachment

Go deeper

Kendall Baker, author of Sports
Updated 7 mins ago - Sports

Tiger Woods crash: What we know

Photo: Wally Skalij/Los Angeles Times via Getty Images

Tiger Woods underwent emergency surgery to repair damage to his right leg and ankle, after he was involved in a single-vehicle accident on Tuesday in which his SUV ran off the road.

What we know: The golf star "is currently awake, responsive and recovering in his hospital room" at Harbor-UCLA Medical Center, according to a late-night statement from his team.

Dan Primack, author of Pro Rata
9 mins ago - Podcasts

Corporate America pressures Congress to act on stimulus

Big corporations and top CEOs are putting pressure on Congress and the White House to pass economic stimulus measures, as the political debate drags on.

Axios Re:Cap goes deeper with Heather Higginbottom, a former Obama administration official and president of the JPMorgan Chase Policy Center, about why her organization just published its first-ever set of policy recommendations.

Capitol repairs, security top $30M since Jan. 6 attacks

Photo: Bill Clark/CQ-Roll Call, Inc via Getty Images

The Architect of the Capitol Brett Blanton on Wednesday said that repairs and security expenses related to the Jan. 6 insurrection have already cost more than $30 million.

The state of play: Congressional appropriations committees have allocated the $30 million for repairs and perimeter fencing around the Capitol building through March 31, per NPR.

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