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Q3 GDP beats expectations

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Q3 GDP beats expectations

First estimate comes in at a 3.5% annualized growth rate, although worries remain.

US estimated real gross domestic product increased at an annual rate of 3.5% in the third quarter, according to a Commerce Department report issued today.   

Analysts had expected a rate of 3.0%.

A smaller trade deficit and increased defense spending were the main drivers of the higher growth.

However, there were some worrisome notes in the report as well, chief among them a deceleration of business investment and consumer spending. While both contributed to growth, they showed declining strength from the second quarter.

The full report can be found here.

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