{"id":931900,"date":"2021-10-28T09:44:32","date_gmt":"2021-10-28T13:44:32","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=931900"},"modified":"2021-10-28T09:44:38","modified_gmt":"2021-10-28T13:44:38","slug":"us-economy-slows-sharply-in-third-quarter-amid-supply-chain-crisis","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-economy-slows-sharply-in-third-quarter-amid-supply-chain-crisis\/","title":{"rendered":"US Economy Slows Sharply in Third Quarter Amid Supply Chain Crisis"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fus-economy-slows-sharply-in-third-quarter-amid-supply-chain-crisis%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=931900&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/10\/2021-10-28T040520Z_1_LYNXMPEH9R05L_RTROPTP_4_USA-ECONOMY-RECOVERY_736x514.jpg\" class=\"ff-og-image-inserted\" \/><\/div>\n<p>By Lucia Mutikani<\/p>\n<p>WASHINGTON \u2014 The<span class=\"highlight\" data-qa-component=\"highlight-text\">&nbsp;U.S<\/span>.<span class=\"highlight\" data-qa-component=\"highlight-text\">&nbsp;economy&nbsp;<\/span>grew at its s<span class=\"highlight\" data-qa-component=\"highlight-text\">low<\/span>est pace in more than a year in the<span class=\"highlight\" data-qa-component=\"highlight-text\">&nbsp;third&nbsp;<\/span><span class=\"highlight\" data-qa-component=\"highlight-text\">quarter&nbsp;<\/span>as COVID-<span class=\"highlight\" data-qa-component=\"highlight-text\">19&nbsp;<\/span>infections flared up, further straining global supply chains and causing shortages of goods like automobiles that almost stifled consumer spending.<\/p>\n<p>Gross domestic product increased at a 2.0% annualized rate last<span class=\"highlight\" data-qa-component=\"highlight-text\">&nbsp;quarter<\/span>, the Commerce Department said in its advance GDP estimate on Th<span class=\"highlight\" data-qa-component=\"highlight-text\">urs<\/span>day. That was s<span class=\"highlight\" data-qa-component=\"highlight-text\">low<\/span>est since the second<span class=\"highlight\" data-qa-component=\"highlight-text\">&nbsp;quarter&nbsp;<\/span>of 2020, when the<span class=\"highlight\" data-qa-component=\"highlight-text\">&nbsp;economy&nbsp;<\/span>suffered a historic contraction in the wake of stringent mandatory measures to contain the first wave of coronavirus cases.<\/p>\n<p>The<span class=\"highlight\" data-qa-component=\"highlight-text\">&nbsp;economy&nbsp;<\/span>grew at a 6.7% rate in the second<span class=\"highlight\" data-qa-component=\"highlight-text\">&nbsp;quarter<\/span>. The Delta variant of the coronavirus worsened labor shortages at factories, mines and ports, gumming up the supply chain. Economists polled by Reuters had forecast GDP rising at a 2.7% rate last<span class=\"highlight\" data-qa-component=\"highlight-text\">&nbsp;quarter<\/span>.<\/p>\n<p>Strong inflation, fueled by the<span class=\"highlight\" data-qa-component=\"highlight-text\">&nbsp;economy<\/span>-wide shortages and pandemic relief money from the government over the co<span class=\"highlight\" data-qa-component=\"highlight-text\">urs<\/span>e of the public health crisis, cut into growth. Ebbing fiscal stimulus and Hurricane Ida, which devastated<span class=\"highlight\" data-qa-component=\"highlight-text\">&nbsp;U.S<\/span>. offshore energy production in late August, also weighed on the<span class=\"highlight\" data-qa-component=\"highlight-text\">&nbsp;economy<\/span>.<\/p>\n<p>Consumer spending, which accounts for more than two-<span class=\"highlight\" data-qa-component=\"highlight-text\">third<\/span>s of<span class=\"highlight\" data-qa-component=\"highlight-text\">&nbsp;U.S<\/span>. economic activity, grew at a 1.6% rate after a robust 12% growth pace in the April-June<span class=\"highlight\" data-qa-component=\"highlight-text\">&nbsp;quarter<\/span>. Though automobiles accounted for a chunk of the stagnation, the Delta variant also curbed spending on services like air travel and dining out.<\/p>\n<p>But there are signs that economic activity picked up as the turbulent<span class=\"highlight\" data-qa-component=\"highlight-text\">&nbsp;quarter&nbsp;<\/span>ended. The summer wave of COVID-<span class=\"highlight\" data-qa-component=\"highlight-text\">19&nbsp;<\/span>infections has s<span class=\"highlight\" data-qa-component=\"highlight-text\">ubs<\/span>ided, with cases declining significantly in recent weeks. Vaccinations have also picked up. The improving public health situation helped to lift consumer confidence this<span class=\"highlight\" data-qa-component=\"highlight-text\">&nbsp;month<\/span>.<\/p>\n<p>Fewer Americans are filing<span class=\"highlight\" data-qa-component=\"highlight-text\">&nbsp;new<\/span><span class=\"highlight\" data-qa-component=\"highlight-text\">&nbsp;claims&nbsp;<\/span>for unemployment benefits. That improving trend in labor market conditions was confirmed by a separate report from the Labor Department on Th<span class=\"highlight\" data-qa-component=\"highlight-text\">urs<\/span>day showing initial<span class=\"highlight\" data-qa-component=\"highlight-text\">&nbsp;claims&nbsp;<\/span>for state unemployment benefits dropped 10,000 to a seasonally adjusted 281,000 last week, the&nbsp;<span class=\"highlight\" data-qa-component=\"highlight-text\">low<\/span>est level since mid-March 2020.<\/p>\n<p>It was the<span class=\"highlight\" data-qa-component=\"highlight-text\">&nbsp;third&nbsp;<\/span>straight week that<span class=\"highlight\" data-qa-component=\"highlight-text\">&nbsp;claims&nbsp;<\/span>remained be<span class=\"highlight\" data-qa-component=\"highlight-text\">low&nbsp;<\/span>the 300,000 threshold. Economists polled by Reuters had forecast 290,000 applications in the latest week.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Lucia Mutikani WASHINGTON \u2014 The\u00a0U.S.\u00a0economy\u00a0grew at its slowest pace in more than a year in the\u00a0third\u00a0quarter\u00a0as COVID-19\u00a0infections flared up, further straining global supply chains and causing shortages of goods &#8230;<\/p>\n","protected":false},"author":7,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-931900","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/931900","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=931900"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/931900\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=931900"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=931900"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=931900"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}