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 per cent annualized rate following a 6.7 per cent pace in the second quarter, the Commerce Department’s preliminary estimate showed Thursday.
The deceleration reflected a sharp slowdown in personal consumption, which grew at just a 1.6 per cent pace after a rapid 12 per cent jump in the prior period. Shortages, transportation bottlenecks, rising prices and the delta variant of the coronavirus weighed on both goods and services spending.
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