GDP rose 3.5% in the third quarter after 4.2% in the second.

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Consumer spending rose the most since late 2014 — climbing 4% after 3.8% in the second quarter and exceeding the 3.3% estimate. Non-residential investment was the weakest in almost two years, rising 0.8% (with 7.9% decline for structures) after 8.7% gain in the second quarter. Residential investment remained tepid, falling 4% for the fifth drop in six quarters. Savings rate fell to 6.4% from 6.8%.

The core price index rose 1.6%, matching the gain in the broader personal consumption expenditures gauge. Government spending rose 3.3%, the most since early 2016.

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