Economic growth rate slows to 2 percent as supply chain issues take toll
The U.S. economy grew at a 2 percent rate in the third quarter, its slowest gain of the pandemic-era recovery, as supply chain issues and a marked deceleration in consumer spending stunted the expansion, the Commerce Department reported Thursday.
Gross domestic product, a sum of all the goods and services produced, grew at a 2 percent annualized pace in the third quarter, according to the department’s first estimate released Thursday. Economists surveyed by Dow Jones had been looking for a 2.8 percent reading.
That marked the slowest GDP gain since the 31.2 percent plunge in the second quarter of 2020, which encompassed the period during which Covid-19 morphed into a global pandemic that resulted in a severe economic shutdown that sent tens of millions to the unemployment lines and put a chokehold on activity across the country.
Read Full Story
NBC News Rating
More Stories
Russia to close Moscow bureau of CBC News in retaliation
Russia has moved to close CBC/Radio-Canada's Moscow bureau and strip its journalists of their visas and accreditation, saying it was...
Ex-Minneapolis police officer pleads guilty to manslaughter in George Floyd’s death
A former Minneapolis police officer pleaded guilty Wednesday to manslaughter in the death of George Floyd, a Black man whose police killing prompted worldwide protests against systemic racism.The ex-officer, Thomas Lane, entered a guilty plea to a state charge of aiding and abetting second-degree manslaughter, Minnesota Attorney General Keith Ellison announced Wednesday. As part of the plea…
Facebook promised to remove “sensitive” ads. Here’s what it left behind.
This article was originally published on The Markup and is republished under a Creative Commons Attribution-NonCommercial-NoDerivatives license. Late last year,...
Madison Cawthorn concedes to Chuck Edwards in North Carolina
WASHINGTON — Buckling under the weight of scandal, Rep. Madison Cawthorn, R-N.C. — a favorite of former President Donald Trump — lost his re-nomination bid in western North Carolina’s 11th District on Tuesday, NBC News projected. State Sen. Chuck Edwards, a conservative backed by many of the state’s establishment players, won with about a third of…
Far-right election denier Mastriano wins GOP race for governor in Pennsylvania
State Sen. Doug Mastriano, a far-right Republican who built a large following seeking to overturn President Joe Biden’s win in Pennsylvania, is the GOP nominee for governor, NBC News projected Tuesday.After 10:30 p.m. ET, Mastriano led his rivals by more than 20 points. He’ll face Democratic nominee Josh Shapiro, the state attorney general, who ran…
The Buffalo shooting is part of a global network of white nationalist terror
The attack has since become a rallying cry for other ethno-nationalists and was cited by Brenton Tarrant, who shot dead 51 people at two mosques in Christchurch, New Zealand, in 2019.Both men were mentioned in the “manifesto” apparently written by Payton Gendron, the suspect in the Buffalo shooting, as terrorists he supports.“This is very much…