U.S. consumer spending rose modestly in October and a key measure of business spending plans on equipment fell for a second straight month, suggesting some slowing in the pace of economic growth.
Other data on Wednesday showed initial claims for jobless benefits broke above 300,000 last week for the first time since September.
"We think growth will moderate in the fourth quarter. I'm not reading anything incredibly negative into this," said Michael Gapen, a senior economist at Barclays in New York.