US Economy Grew At 2% In September Quarter On Poor Consumer Spending
NDTV
US economic expansion slowed dramatically in the third quarter to an annual rate of just two per cent as consumer spending moderated
The US economic expansion slowed dramatically in the third quarter to an annual rate of just two percent as consumer spending moderated amid resurgent Covid-19 infections, the government said Thursday.
The spread of the Delta variant of Covid-19 over the summer combined with renewed restrictions and global supply snags including a shortage of workers took a toll on the economy, slowing growth from the 6.7 percent annual rate in the prior quarter.
The impact was most notable in the more than 26 percent collapse in purchases of big-ticket manufactured goods in the latest three months, the Commerce Department reported.
That drop was partly offset by the 7.9 percent increase in spending on services, though that was slower than the gain in the prior quarter, according to the data.
