US third-quarter GDP revised down to 4.9%

(Sharecast News) - The US economy grew less than previously estimated in the third quarter, according to figures released on Thursday by the Commerce Department. GDP for July to September was revised down to 4.9% from 5.2% in the second estimate. Economists were expecting growth to be unrevised.

"The increase in real GDP reflected increases in consumer spending, private inventory investment, exports, state and local government spending, federal government spending, residential fixed investment, and non-residential fixed investment," the Commerce Department said.