US GDP Grows at Solid 2.8% Pace, Helped by Consumer Spending

The US economy expanded at a solid pace in the third quarter, largely powered by a broad-based advance in consumer spending and steady business investment.

Gross domestic product increased at a 2.8% annualized pace in the third quarter, the second estimate of the figures from the Bureau of Economic Analysis showed Wednesday. The economy’s primary growth engine — consumer spending — advanced 3.5%, the most this year.