U.S. growth revised down to 1.8 pct in Q3

The U.S. economy grew at an annualised rate of 1.8 per cent in the third quarter, according to a downward revision published Thursday by the U.S. Commerce Department.

Increased consumer spending, exports and federal government spending fueled the expansion. A drop in state and local government spending and a decrease in private industry investments weighed on growth, the Bureau of Economic Analysis said in a statement.

October's initial estimate of third-quarter gross domestic product was an annualised 2.5 per cent, which was lowered last month to 2 per cent.\\\\ DPA