US economy grew at a moderate 2.1% annual rate last quarter

MARTIN CRUTSINGER AP Economics Writer WASHINGTON (AP) — The U.S. economy grew at a moderate 2.1% annual rate over the summer, slightly faster than first estimated, the government said Wednesday. But many economists say they think growth is slowing sharply in the current quarter. The July-September growth rate in the gross domestic product, the economy's total output of goods and services, exceeded the Commerce Department's initial estimate of a 1.9% annual rate. A key reason is that businesses didn't cut back on investment spending as much as first estimated. The economy had begun the year with a sizzling 3.1% GDP rate, fueled largely by the now-faded effects of tax cuts and increased government spending. Many analysts have estimated that GDP growth is weakening in the current Octob