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US GDP growth revised to 3.4% in Q3

The U.S. economy grew at an annual rate of 3.4% in the third quarter, 0.1 percentage point lower than previous estimates and down from the 4.2% expansion in the second quarter, the U.S. Commerce Department's Bureau of Economic Analysis reported.

The revised figure reflected downward revisions to personal consumption expenditures and exports that were partially offset by higher private inventory investment, the bureau said.

In the third quarter, the PCE price index rose 1.6%, compared with a prior estimate of 1.5%. Excluding food and energy prices, the index went up 1.6%.

Current production profits jumped $78.2 billion, following a gain of $65.0 billion in the second quarter.

Profits of domestic financial corporations fell $6.1 billion in the third quarter, compared with an increase of $16.5 billion in the prior period.