GDP Slows 2 Percent Third Quarter
U.S. gross domestic product slowed to an annual growth rate of 2 percent in the third quarter of 2021, the Commerce Department announced on Thursday.
“Real gross domestic product (GDP) increased at an annual rate of 2.0 percent in the third quarter,” down from 6.7 percent in the second quarter, the Bureau of Economic Analysis at the Commerce Department said in a press release. “The deceleration in real GDP in the third quarter was led by a slowdown in consumer spending.”
Economists previously predicted that the third-quarter growth rate would be 2.8 percent, according to Bloomberg. The new data show the slowest economic growth rate since businesses across the U.S. shut down in March and April of 2020, at the onset of the coronavirus pandemic.
The slowdown comes amid worldwide supply-chain shocks leading to shortages of various goods.