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

Consumers shop for groceries at a retail chain store in Rosemead, Calif., on Dec. 12, 2023. Frederic J. Brown/AFP via Getty Images

The U.S. economy expanded less than expected as the Bureau of Economic Analysis (BEA) revised the third-quarter gross domestic product (GDP) data lower amid a sharp drop in personal consumption.

In the three months that ended on Sept. 30, GDP grew by 4.9 percent, down from the BEA’s second estimate of 5.2 percent. This matched the advance estimate in October.