US 3rd Quarter GDP Revised Lower as Government Spending Adjusted Higher

The U.S. economy expanded less than expected as the Bureau of Economic Analysis ( BEA ) revised the third-quarter GDP data lower amid a sharp drop in personal consumption. In the three months ending Sept. 30, GDP grew 4.9 percent, down from the BEA's second estimate of 5.2 percent. This matched the advance estimate in October. Officials say that downward changes to consumer expending, exports, and inventory investment caused the lower adjustment to the final GDP print. However, there were upward revisions to business and housing investment and federal, state, and local government spending that offset these decreases. According to…