The US Bureau of Economic Analysis’ second estimate for GDP growth in the third quarter remained at 2.8%, the agency announced today.

The US economy expanded at a solid pace in the third quarter, largely powered by a broad-based advance in consumer spending and steady business investment, Bloomberg reported. The economy’s primary growth engine — consumer spending — advanced 3.5%, the most this year.

While still strong, household spending was revised modestly lower from the initial reading, reflecting slightly less robust outlays for merchandise, according to Bloomberg. At the same time, business investment in research and development was revised higher.

The growth is a modest slowdown from the 3.0% growth in the second quarter, primarily reflecting a downturn in private inventory investment and a larger decrease in residential fixed investment. These movements were partly offset by accelerations in exports, consumer spending and federal government spending. Imports accelerated.

The bureau will announce a third estimate for third-quarter GDP growth on Dec. 19.