U.S. economy slowed amid headwinds from COVID-19 and supply-chain woes
CBSN
Hampered by rising COVID-19 cases and persistent supply shortages, the U.S. economy slowed to a weaker-than-expected 2% annual rate in the July-September period. That marks the weakest quarterly growth since the recovery from the pandemic recession began last year.
Thursday's report from the Commerce Department estimated that the nation's gross domestic product — its total output of goods and services — declined sharply from the 6%-plus annual growth rates of each of the previous two quarters.
Rising prices, especially for gasoline, food, rent and other staples, are imposing a burden on American consumers and eroding the benefits of higher wages. Consumers and businesses are also contending with supply-chain disruptions, which are impacting everything from household appliances to toys. And COVID cases surged in the third quarter, particularly among unvaccinated Americans.
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