US economy slows sharply in Q3 and jobless claims fall By Reuters

US economy slows sharply in Q3 and jobless claims fall By Reuters
US economy slows sharply in Q3 and jobless claims fall By Reuters

WASHINGTON (Reuters) – The U.S. economy grew at the slowest pace in more than a year in the third quarter of this year as the increase in COVID-19 infections put more pressure on global supply chains and led to shortages of goods such as cars, slashing consumer spending.

The Commerce Department said in advance gross domestic product estimates on Thursday that gross domestic product rose 2 percent year-on-year in the third quarter. This is the slowest rate since the second quarter of 2020, when the economy faced a historic contraction following a series of general closure measures aimed at facing the first wave of the Corona pandemic.

The economy grew 6.7 percent in the second quarter. The outbreak of the delta mutant strain exacerbated labor shortages in factories, mines and ports and disrupted supply chains. Economists polled by Reuters had expected gross domestic product to increase 2.7 percent in the last quarter.

Consumer spending, which accounts for more than two-thirds of US economic activity, grew 6.1 percent after a 12 percent growth rate in the second quarter of April to June.

The number of Americans applying for new unemployment benefits has decreased. The improvement in labor market conditions is consistent with a separate report released by the Labor Department on Thursday that showed that claims for unemployment benefits for the first time fell by 10,000 to a seasonally adjusted level of 281,000 last week, the lowest level since mid-March 2020.

This is the third consecutive week that orders remain below the 300K level. Economists polled by Reuters had forecast 290,000 claims in the last week.

(Prepared by Marwa Salam for the Arab Newsletter – Editing by Amal Abu Al-Saud)

Explanation of the risks: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn’t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.


economy slows sharply jobless claims fall Reuters

For Latest Updates Follow us on Google News

PREV Learn about the electric car “superhero” with 6 wheels and 6 motors
NEXT A test to the right and new hope? 3 right-wing laws will go to the polls