Economics
U.S. Posts Weakest Growth of Pandemic Recovery on Supply Woes
- GDP increased an annualized 2% in third quarter; estimate 2.6%
- Household spending rose by just 1.6% as vehicle outlays fell
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U.S. economic growth slowed more than expected in the third quarter to the softest pace of the pandemic recovery period as snarled supply chains and a surge in Covid-19 cases throttled spending and investment.
Gross domestic product expanded at a 2% annualized rate following a 6.7% pace in the second quarter, the Commerce Department’s preliminary estimate showed Thursday.