The US economy grew slightly slower in the third quarter than previously reported, but still showed strong growth. Gross domestic product expanded at a rate of 4.9% from July to September, which is slower than the previously reported rate of 5.2%. Despite the slower growth, the third quarter had the strongest growth in almost two years due to increased spending on concerts, films, and goods. The final estimate from the Commerce Department took into account weaker consumer spending, inventory investment, and exports, while revising government outlays and business investment higher. There is speculation that the Federal Reserve may cut interest rates in the coming months, and some believe the economy is heading for a soft landing with inflation returning to the Fed's target without a significant increase in unemployment.
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