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.
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