The U.S. Commerce Department released gross domestic product data on Thursday. The U.S. preliminary gross domestic product increased by 1.9% in the third quarter, missing expectations for a 1.6% gain, after a 3.9% rise in the second quarter.

The slower rise was mainly driven by a drop in private inventory investment.

Consumer spending grew 3.2% in the third quarter, after a 3.6% increase in the second quarter.

The personal consumption expenditures (PCE) price index rose 1.2% in the third quarter, missing expectations for a 3.2% gain, after a 2.2% increase in the second quarter.

The personal consumption expenditures (PCE) price index excluding food and energy increased 1.3% in the third quarter, missing forecasts of a 1.4% rise, after a 1.9% gain in the second quarter.

The personal consumption expenditures (PCE) price index is the Fed's preferred measure for inflation.