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GDP Grew 3.1% In Q3, But Factory Data Point To A Slowdown In Q4; Chicago Purchasers See Red; Growth from torrid sales of autos may not hold up; business spending rises.(A)
Byline: CHRISTINA WISE
The nation's economy grew 3.1% in the third quarter, the Commerce Department said Thursday, but that momentum appears to be all but gone a month into the fourth quarter.
Auto sales were a big factor pushing growth in gross domestic product above the second quarter's 1.3%. But the gain was less than the 3.6% Wall Street expected.
Personal consumption spending -- including autos and other durables -- swelled at an annual rate of 4.2% in the third quarter, the strongest pace this year. Meanwhile, nonresidential fixed investment, a proxy for business investment, rose 0.6%, the first gain in two years. It was led by equipment and software sales.
But those were offset by the wider trade gap, which grew to $491.4 billion in the third quarter from $487.4 billion in the second.
Overall, many economists and government officials don't expect growth to hold up.
"I would share the view of many if not most of the private sector forecasters that it (fourth-quarter GDP) would be substantially slower than what we saw in the third quarter," Glenn Hubbard, chairman of the White House Council of Economic Advisers, told Reuters.
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