The US grew more slowly than expected in the third quarter at an annualised 3.7 per cent, depriving George W. Bush of a conspicuous economic triumph ahead of next week’s presidential poll. But the figures are unlikey to provide ammunition for the Democrats’ election campaign.

The data – the last significant release before the presidential election next Tuesday – revealed strong consumer demand and beat the 3.3 per cent growth rate in the second quarter. But the headline growth rate was dragged down by the rising trade deficit. At the start of this month many economists were looking for growth of closer to 5 per cent over the quarter.