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A major credit rating agency is warning that a prolonged government shutdown could mean that it will reconsider the nation’s AAA rating. That could lead to higher borrowing costs.
That’s slower than the second quarter’s blockbuster 4.2 percent but puts the economy on pace for the fastest annual growth in 13 years.
The economy continued to add jobs at a steady pace last month and the unemployment rate remained low. Analysts have been looking for signs that wage growth might pick up, but it held steady, too.
The Dow rebounded Friday morning before retreating in the early afternoon. Analysts say market participants are concerned about rising interest rates, inflation and ballooning government debt.
Major stock indexes dropped sharply Friday, with the Dow Jones industrial average tumbling 2.6 percent amid signs that wage growth is picking up. It was the Dow’s worst weekly performance in 2 years.