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Economic Report: GDP growth of 3.5% marks best two-quarter stretch in four years

Bloomberg News/Landov
Consumer spending, which makes up about 70% of gross domestic product, continues to be prime driver of output.

The numbers: Gross domestic product decelerated a bit to a 3.5% annual pace in the third quarter, down from torrid 4.2% pace in the prior three months, the government said Friday. GDP is the official measuring stick for the U.S. economy. The gain was very close to Wall Street estimates. Economists polled by MarketWatch estimated that GDP would rise at a 3.4% rate. Expansion in the last two quarters is the fastest six months of growth in four years. The economy looks like it will expand above a 3% rate in 2018.

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