U.S. economy likely lost further ground in third quarter

The U.S. economy likely slowed further in the third quarter, held back by a moderation in consumer spending and declining business investment, which could spur the Federal Reserve to cut interest rates again to keep the expansion on course. The Commerce Department’s snapshot of gross domestic product on Wednesday will likely sketch a picture of an economy that is losing speed, but not tipping into recession as financial markets had feared earlier this year. The economy is being hamstrung by the Trump administration’s 15-month trade war with China, which has eroded consumer and business confidence.