Jobless Claims Fall as U.S. Posts Weakest GDP of Recovery 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. The deceleration reflected a sharp slowdown in personal consumption, which grew at just a 1.6% pace after a rapid 12% jump in the prior period. Shortages, transportation bottlenecks, rising prices and the delta variant of the coronavirus weighed on both goods and services spending. The median forecast in a Bloomberg survey of economists called for a 2.6% increase in GDP. The S&P 500 opened higher, while the dollar fell and Treasury yields were little changed. Follow the reaction in real time […]

Posted in: USA