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World NewsEconomic growth rate slows to 2% as supply chain issues take toll

Economic growth rate slows to 2% as supply chain issues take toll

The rate of growth for the U.S. economic system slowed to its quickest pandemic-era tempo within the third quarter, the Commerce Department reported Thursday.

Gross home product, a sum of all the products and providers produced, grew at a 2.0% annualized tempo within the third quarter, in accordance to the division’s first estimate launched Thursday. Economists surveyed by Dow Jones had been searching for a 2.8% studying.

That marked the slowest GDP achieve for the reason that 31.2% plunge within the second quarter of 2020, which encompassed the interval throughout which Covid-19 morphed into a worldwide pandemic that resulted in a extreme financial shutdown that despatched tens of tens of millions to the unemployment traces and put a chokehold on exercise throughout the nation.

Declines in residential fastened funding and federal authorities spending helped maintain again positive aspects, as did a surge within the U.S. commerce deficit, which widened to a near-record $73.3 billion in August.

Consumer spending, which makes up 69% of the $23.2 trillion U.S. economic system, elevated at only a 1.6% tempo for the latest interval, after rising 12% within the second quarter.

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