US growth revised down for third quarter

 The US economy grew at a slower rate than initially thought in the third quarter after personal spending was less than expected, according to the final gross domestic product reading for the period.

The economy expanded at a rate of 1.8 per cent, the US Department of Commerce said on Thursday. The economy grew by 1.3 per cent in the second quarter.

The downward revision was mainly attributed to lower personal consumption spending.