U.S. economic growth slowed last quarter more than forecast on the biggest drag from trade in six years and more moderate consumer spending. However, business investment picked up, which may be a harbinger for faster expansion in 2017.

The U.S. economy expanded more than previously reported last quarter on bigger contributions from a range of factors such as services spending, intellectual property and construction by state and local governments.

The U.S. economy expanded last quarter more than previously reported on a sunnier picture of household spending, the primary growth engine.

U.S. economic growth picked up in the third quarter after an uninspiring first half of the year as a build in inventories and a soybean-related jump in exports helped cushion softer household spending.

Tracking estimates of third-quarter U.S. growth are rising because of a shrinking merchandise trade deficit, though a drop in September imports shows a step back in underlying demand in the economy.

NEW YORK — The U.S. economy is on track to grow at a 2.2% annualized rate in the third quarter, the Atlanta Federal Reserve's GDP Now forecast model showed Sept. 30, following data that showed a surprise drop in construction spending in August.

The U.S. economy expanded more in the second quarter than previously estimated, reflecting a smaller drag from business spending on structures and equipment.

The U.S. economy expanded less than forecast in the second quarter after a weaker start to the year than previously estimated as companies slimmed down inventories and remained wary of investing amid shaky global demand.

The world’s largest economy expanded more than previously projected in the first quarter as improved performance in trade and business investment more than made up for weaker consumer spending.