U.S. GDP growth revised down to 2.8% rate for third quarter

WASHINGTON (MarketWatch) -- As consumer spending gained, the economy expanded at a 2.8% annualized rate in the third quarter, the Commerce Department reported Tuesday.

The 2.8% growth rate is below the government's initial estimate of 3.5%, due to downward revisions in consumer spending and business investment in nonresidential structures, as well as changes to imports and exports.