WASHINGTON (Pakistan Point News / Sputnik - 28th October, 2021) US gross domestic product expanded by 2.0% in the third quarter of 2021, the Commerce Department said in its first reading for the period that came in well behind second-quarter growth.
"Real gross domestic product (GDP) increased at an annual rate of 2.0 percent in the third quarter of 2021, following an increase of 6.7 percent in the second quarter," the department said in a statement released Thursday. "The deceleration in real GDP in the third quarter was led by a slowdown in consumer spending. A resurgence of COVID-19 cases resulted in new restrictions and delays in the reopening of establishments in some parts of the country. In the third quarter, government assistance payments in the form of forgivable loans to businesses, grants to state and local governments, and social benefits to households all decreased."
