US Economy Grew Slower Than Expected in Third Quarter, Commerce Department Says

The U.S. economy grew 2.8 percent in the third quarter, slightly below economists' expectations and down from the last quarter's pace, the Department of Commerce said Wednesday.

Gross domestic product, a key indicator of the total value of goods and services produced, rose at an annual rate of 2.8 percent in the third quarter, down from 3 percent last quarter. Economists surveyed by the Wall Street Journal had forecasted a 3.1 percent growth rate this quarter.

The report comes as the economy remains voters’ top concern just days until the presidential election. Voters continue to favor former president Donald Trump’s approach to the economy over Vice President Kamala Harris’s, 47 percent to 37 percent, according to a Reuters poll released Tuesday. Over 60 percent of voters in battleground states believe that the economy is on the "wrong track" under the Biden-Harris administration.

Democrats are frustrated that Harris’s economic messaging "hasn’t broken through" to voters, the Hill reported Tuesday.

"[Harris’s] economic message hasn’t broken through," a major Democratic donor said. "And the economy is the issue most people care about. She narrowed the gap a little on the issue, but she’s left a lot of people wondering about her vision."

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