According to a report from the US Department of Commerce on Thursday (28th), US economic growth slowed in the third quarter, with an annualized quarterly GDP growth rate of 2.0%, lower than the 2.6% expected by economists.
This is also the worst GDP growth since the 31.2% plunge in the second quarter of 2020. During this period, due to the Covid-19 pandemic becoming a global one, it caused severe economic shutdown and a sharp decline in GDP.
The Ministry of Commerce pointed out that the economic slowdown was due to the renewed increase in COVID-19 cases, which led to new restrictions and delays in the economic reopening measures in certain areas of the country.
After the report was released, the US dollar index rose slightly. Stock market futures continued to rise, while government bond yields climbed.
Consumer spending accounts for 69% of the US economy. After a 12% increase in the second quarter, it has only increased by 1.6% in the most recent period.
Despite the weakness in the third quarter, economists generally expect the United States to rebound in the fourth quarter and continue to grow until 2022.
