US economy grows 2.1% in summer quarter

Expansion was in line with economists' expectations

The U.S. economy grew as expected in the three months through September, according to new data published Friday morning that kept stock futures pointing to a slightly higher open.

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Gross domestic product increased at a 2.1 percent annualized rate in the third quarter, the Commerce Department said, matching the expectations of economists surveyed by Refinitiv. The reading was unchanged from the second estimate, which was published last month. The initial reading, in October, showed growth of 1.9 percent, compared with 2 percent in the previous period.

USMCA WIN-WIN FOR US ECONOMY

Friday's report had upward revisions to personal consumption expenditures and nonresidential fixed-income investment, which were offset by a drop in private inventory investment.

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Investors will get their first look at GDP trends in the fourth quarter and for all of 2019 when the Commerce Department releases its next reports on Jan. 30, 2020.