U.S. Economy Slowed Dramatically in Third Quarter

The U.S. economy grew by 2 percent in the third quarter, with the Delta variant and supply chain crisis hurting gains. The pace marked a sharp decrease from the gains seen earlier in the year. The GDP soared at a 6.3 percent rate in the first quarter and 6.7 percent in the second quarter with […]

  • by:
  • 03/02/2023

The U.S. economy grew by 2 percent in the third quarter, with the Delta variant and supply chain crisis hurting gains. The pace marked a sharp decrease from the gains seen earlier in the year. The GDP soared at a 6.3 percent rate in the first quarter and 6.7 percent in the second quarter with […]

The U.S. economy grew by 2 percent in the third quarter, with the Delta variant and supply chain crisis hurting gains.

The pace marked a sharp decrease from the gains seen earlier in the year. The GDP soared at a 6.3 percent rate in the first quarter and 6.7 percent in the second quarter with the reopening of businesses thanks to the vaccine, per the Wall Street Journal.

However, those drivers dissipated from July to September, with a surge in virus cases and the supply chain crisis.

The Commerce Department’s third-quarter GDP estimate released Thursday said consumer spending rose at an annual rate of 1.6 percent in the third quarter, a dramatic slowdown from the second quarter 12 percent increase.

Image: by is licensed under
ADVERTISEMENT

Opinion

View All

JACK POSOBIEC: Russia attacks Ukraine with a 'hypersonic missile' as US, UK escalate war

"They want your sons and daughters to die in the name of democracy. But in truth, it's really in the ...

Russia says US is actively trying to prolong war in Ukraine

"If you look at the trends of the outgoing US administration, they are fully committed to continuing ...

Jair Bolsonaro, 36 aides indicted by Brazilian police for alleged coup against President Lula

Brazilian police said their findings from the investigation, compiled in a 700-page document, were be...

1,500-person migrant caravan on its way to US border from Mexico: report

Human smugglers have been encouraging migrants to "hurry up and sneak in" before President-elect Dona...