The Commerce Department reported today that the US economy expanded by a 2.8 percent annual rate in the third quarter. This was less than the 3.5 percent the government expected and reflects a smaller gain in consumer spending as well as a larger-than-projected trade deficit.
“We expect profits to continue climbing this quarter as GDP rises further,” Joseph Brusuelas, a director at Moody’s Economy.com in West Chester, Pennsylvania, said before the report. “This will add momentum to the recovery by motivating firms to expand and hire again early next year.”
