The US gross domestic product grew at an annual pace of 2.3% in the third quarter.
- The reading was revised from the initial 2.1% estimate and compared with the growth of 6.4% and 6.7% in Q1 and Q2, respectively.
- The price index for gross domestic purchases rose 5.6% in Q3, compared with an increase of 5.8% in the second quarter.
- Earnings from current production slowed down to grow by $96.9 billion in the third quarter compared with $267.8 billion growth in Q2.
- The third-quarter growth was hampered by the presence of the delta variant of COVID-19, worries over inflation, and supply-chain constraints that curtailed businesses in their ability to deliver goods to consumers.
The initial concerns have somewhat eased offs, and economists estimate that fourth-quarter GDP will stand around 5% to 7%, with uncertainty over the impacts of the current Omicron variant.
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Source: U.S. Department of Commerce
