Gross domestic product grew at an annualised pace of
1.5% between July and September, according
to the Department of Commerce, down from a rate of 3.9% in the second
quarter.
The slowdown was partly due to companies running down stockpiles of
goods in their warehouses.
On Wednesday, the Federal Reserve kept rates unchanged and said the economy
was expanding at a "moderate" pace.
Low oil prices have hit US energy firms so far this year. But lower
gasoline prices have been good news for consumer spending, which accounts for
more than two-thirds of US economic activity.
Consumer spending grew at 3.2% in the third quarter, down from 3.6% in
the second but still a strong reading.
Analysts said that the running down of warehouse stockpiles in the
third quarter was likely to be a temporary effect and they expected growth to
accelerate again in the fourth quarter.
"The headline number isn't great but this masks underlying
strength," said Luke Bartholomew at Aberdeen Asset Management.
"Inventory adjustment was a drag but final domestic demand is much
stronger suggesting the fundamentals of the economy remain solid."
The fundamental strength means the economy may be on track for a rate
rise in December.
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