World News | US Economy Grew at 2.3% Rate in Q3, Up from Earlier Estimate
Get latest articles and stories on World at LatestLY. The US economy grew at a 2.3% rate in the third quarter, the Commerce Department said Wednesday. But prospects for a solid rebound going forward are being clouded by the rapid spread of the latest variant of the coronavirus.
Washington, Dec 22 (AP) The US economy grew at a 2.3% rate in the third quarter, the Commerce Department said Wednesday. But prospects for a solid rebound going forward are being clouded by the rapid spread of the latest variant of the coronavirus.
The third and final look at the performance of the gross domestic product, the nation's total output of goods and services, is up slightly from last month's estimate of 2.1% third quarter growth.
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The third quarter performance followed much more rapid growth of 6.3% in the first quarter and 6.7% in the second quarter. The emergence of the delta variant in the summer was blamed for much of the third quarter slowdown.
Now with the appearance of the omicron variant, coming on top of high inflation and lingering supply chain issues, there are concerns about future growth prospects.
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Those fears have sent the stock market on a turbulent ride in recent days although new optimism that the omicron risks will be manageable allowed the Dow Jones industrial average to stage a 560-point rebound on Tuesday. (AP)
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)