The US Department of Commerce has reported that the preliminary reading shows increases in household consumption, exports and federal government spending.

The U.S. gross domestic product (GDP) rose 0.7 percent in the third quarter, unchanged from the previous period, according to the first estimate published Wednesday by the Bureau of Economic Analysis of the Department of Commerce.

The department reported that the preliminary reading shows increases in household consumption, exports and federal government spending. Imports rose and detracted from GDP.

On an annualized basis, U.S. GDP grew 2.8% between July and September, compared with 3% in the previous three months, a slight slowdown ahead of the presidential election in November.

Compared with the second quarter, the slowdown was driven by a drop in inventory investment and a deepening decline in residential fixed investment.

These movements were partly offset by improved exports, consumption and federal spending. Foreign purchases rebounded.