Real GDP growth rose at a 1.5 percent-annual pace

Economic activity lost some of its momentum in the third quarter. Real GDP growth rose at a 1.5 percent-annual pace, but much of the drag was due to a slowdown in inventory building. Real private sales to domestic purchasers, which is a better gauge of final demand, strengthened more in line with trend growth. We expect real GDP growth to pick up in the fourth quarter, coming in closer to real final sales.

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