On December 21, the U.S. Commerce Department cut its third-quarter GDP growth rate by 0.1 percentage point, mainly due to the impact of consumer spending on economic growth. The latest figures show that real GDP in the third quarter of the United States was 3.2 per cent in the third quarter, down from a expectations of 3.3 per cent and second estimate 3.3 per cent, but still the fastest growth rate since the first quarter in 2015. However, this growth rate accelerates further than the 3.1 per cent in the second quarter, and it is also the first time since 2014 that the GDP remains above 3 per cent for two consecutive quarters in the United States, higher than the 3 per cent growth promised by President Trump of the United States. But analysts say, the fourth quarter growth must be robust enough to ensure that GDP growth reaches 3 per cent for the whole year. The U.S. reported an advance estimate of 3 per cent GDP growth in the third quarter of 2017 at the end of October and revised up to 3.3 per cent at the end of November. For the cut, the contribution of consumer spending, which accounts for about two-thirds of the U.S. economy, has been revised down. The contribution of consumption to GDP has been revised down from 1.6% to 1.49%, contribution of fixed investment revised slightly up from 0.39% to 0.40%, while private inventories contribution slightly decreased 0.1% to 0.79%, the trade has fallen from 0.44% to 0.36%, government spending increased from 0.07% to 0.12%. Moreover, real GDP growth reflects growth in consumer spending, inventory investment, business investment and exports, and imports are down. Among them, the growth in consumer spending is reflected in spending on both goods and services. Spending onGoods is mainly boosted by the increase of vehicle consumption, while spending on services is mainly driven by the growth of health care, financial services and insurance, food services and accommodation.It is worth noting that us corporate profits rebounded sharply in the third quarter, up 4.3 per cent year on year, well above the 0.7 per cent growth rate in the second quarter.