Headline Roundup • October 28th, 2021
US GDP Grows 2% in Q3, Down From 6.7% Jump in Q2
Summary from the AllSides News Team
U.S gross domestic product (GDP) growth slowed to 2% in the third quarter of 2021, down markedly from the 6.7% jump in the second quarter.
The Bureau of Economic Analysis (BEA) reported the data Thursday, saying it "reflected the continued economic impact of the COVID-19 pandemic" but also that the pandemic's effects "cannot be quantified in the GDP estimate." The personal saving rate, which measures peoples' saving as a percentage of their disposable income, dropped from 10.5% in Q2 to 8.9% in Q3. The BEA report acknowledged how a "resurgence of COVID-19 cases resulted in new restrictions and delays in the reopening of establishments in some parts of the country" and how government assistance payments decreased nationwide. Economists reportedly expected 2.7% growth in Q3.
The news was covered across the spectrum, with many highlighting how consumer spending slowed in Q3. Coverage from left- and center-rated outlets often attributed the slowed growth to the spread of the COVID-19 Delta variant. Reports from right-rated sources instead framed pandemic restrictions and supply chain issues as worthy of blame; some voices also blamed President Biden's economic policies.
Featured Coverage of this Story
CNN Business
This summer, the American economic recovery hit a roadblock.
The US economy grew at an annualized rate of only 2% in the third quarter, the Bureau of Economic Analysis reported Thursday.
The highly infectious Delta variant of the coronavirus, supply chain chaos, worker shortages, sluggish jobs numbers and higher prices weighed on economic activity.
It was far lower than the 2.7% economists had predicted and the slowest pace of growth since the start of the recovery, as well as a massive step down from the 6.7% rate in the spring.
Aside from the monumental downturn in the first half of 2020, when the economy ground to...
Reuters
The U.S. economy grew at its slowest pace in more than a year in the third quarter as a resurgence in COVID-19 cases further stretched global supply chains, leading to shortages of goods like automobiles that slammed the brakes on consumer spending.
The weaker-than-expected growth reported by the Commerce Department on Thursday also reflected decreasing pandemic relief money from the government to businesses, state and local governments as well as households. Hurricane Ida, which devastated U.S. offshore energy production at the end of August also restrained economic growth.
But there...
(John Fredricks/The Epoch Times)
The U.S. economy expanded at an annualized pace of 2.0 percent in the third quarter, a figure that is well below forecasts, driven down by a slowdown in consumer spending and a resurgence in COVID-19 cases that led to renewed restrictions and delays of reopening of businesses.
Data released on Oct. 28 by the Commerce Department show gross domestic product (GDP) rising by 2.0 percent in the third quarter, after growing 6.7 percent in the second quarter. Economists polled by Dow Jones expected third-quarter GDP to rise by 2.8 percent, with Thursday’s...
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