Some economists have been predicting a slowdown for several years. This year they may be right on the money.
In the third-quarter, gross domestic product (GDP) advanced at its slowest rate in over a year, increasing just 2.7%, the Commerce Department reported. This could signal the much-sought-after “soft landing” or easing of the economy’s high-flying pace, reducing concerns about inflation and restraining the Federal Reserve from further interest rate hikes.