Goldman Sachs

cut its 2001 forecast for U.S. economic growth to 3.3% from 4.0%, amid concerns about sustained consumer spending and business investment.

Goldman said the rebound in consumer spending was unlikely to last for long as the gap between the consumer spending growth rate and disposable income was unusually wide. In addition, Goldman said investment fundamentals have deteriorated in recent months.

Growth in the U.S. economy was lower than most economists' expected in the third quarter, the

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Commerce Department

said Friday.

Gross domestic product

rose at a 2.7% annual rate in the third quarter, according to preliminary government figures. It was the government's first estimate of GDP, and two more figures will be released in the coming months.