U.S. third-quarter GDP growth revised down to 4.9%, signaling slightly weaker consumer spending

The US economy grew at a revised 4.9% annual pace in the third quarter, but growth has slowed down since then. Consumer spending, which represents about 70% of the economy, was not as strong as initially reported. Business investment expanded at a slightly stronger pace, and business profits increased for the second quarter in a row. Inflation was revised down slightly. Higher interest rates have impacted the economy, leading to reduced consumer spending and business investment. However, there is no sign of a recession, and the labor market remains strong.