Pace of growth in US slows

The economy in the US expanded at a slower pace in the third quarter as firms took advantage of gains in consumer and business spending to reduce bloated stockpiles.

Gross domestic product grew at a 1.5% annual rate, in line with the 1.6% median forecast of economists, US commerce department data showed yesterday.

Excluding the biggest swing in inventories in four years, the pace of growth was 3% compared with 3.9% in the previous three months.