Third-quarter gross domestic product increased at a 2.8% annual rate, revised down from the advance 3.5% rate of growth, as consumer spending and business investment figures retreated from October estimates, the Commerce Department reported yesterday.

Consumer spending, which accounts for about 70% of GDP, rose 2.9% at an annual pace in the third quarter, revised lower from a 3.4% rate of increase in the advance estimate.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.