U.S. economy grew only 2% in 3Q

   The Commerce Department on Tuesday revised downward its estimate of U.S. economic growth in the third quarter to 2 percent from 2.5 percent last month. The new estimate of the nation’s output of goods and services is based on more complete data.  
   Productivity increases came from consumer spending, exports, federal government spending and non-residential fixed investment. Those gains were counteracted by a decreases in inventories, and state and local government spending, and an increase in imports.
   The negative news about the Gross Domestic Product and the failure of Congress to meet a deadline for cutting the budget deficit is likely to cause a loss of confidence on Wall Street and lead to market volatility in the days ahead.