first read on US Q3 gross domestic product

Consumer spending, which accounts for more than two thirds of U.S. economic activity, grew by 4 percent in the third quarter, the strongest since the fourth quarter of 2014. The strong rise in consumer spending helped offset a 7.9 percent decline in business spending. That was the biggest quarterly decline in business spending since the first quarter of 2016.

While stronger than expected, the overall expansion was a slower pace of growth than in the previous quarter. Gross domestic product grew by 4.2 percent in the second quarter, marking the fastest quarterly expansion since the third quarter of 2014. The economy increased by 2.2 percent annual pace in the first quarter of the year.

The report comes amid growing concerns about rising interest rates slowing the economy. China and the U.S. have slapped tariffs on billions of dollars worth of goods this year, increasing fears that tighter trading conditions will slow down the global economy and eventually hit things here in the U.S.

U.S. equities have taken a beating this month into the report, with the S&P 500 falling more than 7 percent in October through Thursday’s close.

This is breaking news. Please check back for updates.