Cart

0

Economy

“Economic growth rate slows to 2% on a sharp slowdown in consumer spending”

“The U.S. economy grew at a 2% rate in the third quarter, its slowest gain of the pandemic-era recovery, as supply chain issues and a marked deceleration in consumer spending stunted the expansion, the Commerce Department reported Thursday.

Gross domestic product, a sum of all the goods and services produced, grew at a 2.0% annualized pace in the third quarter, according to the department’s first estimate released Thursday. Economists surveyed by Dow Jones had been looking for a 2.8% reading.

That marked the slowest GDP gain since the 31.2% plunge in the second quarter of 2020, which encompassed the period during which Covid-19 morphed into a global pandemic that resulted in a severe economic shutdown that sent tens of millions to the unemployment lines and put a chokehold on activity across the country…”

https://www.cnbc.com/2021/10/28/us-gross-domestic-product-increases-at-2point0percent-annualized-pace-in-q3-vs-2point8percent-estimate.html

Leave a Reply