U.S. economy shows solid growth in Q3, with GDP up 2.8%

The U.S. economy grew at a solid clip in the third quarter, amid robust consumer spending.

The Commerce Department's Bureau of Economic Analysis said in its second estimate of the third quarter that gross domestic product increased at an unrevised 2.8% annualised rate.

Slight downward revisions to consumer spending, government outlays, and exports were offset by upgrades to private inventory accumulation, business investment, as well as state and local government spending.